This bill aims to support veterans in New Jersey by allowing them to participate in sheriff auctions for residential properties with a reduced deposit requirement of five percent of the purchase price, down from the standard twenty percent. To qualify for this benefit, veterans must commit to occupying the property for a minimum of two years. The bill also introduces a new definition of "Veteran," which includes any resident honorably discharged from active service in the U.S. Armed Forces or the American Merchant Marine during World War II, as recognized by the Department of Defense. This initiative is designed to address the unique challenges veterans face in securing housing and to promote stable homeownership within this demographic.

In addition to the provisions for veterans, the bill establishes various regulations for nonprofit community development corporations participating in sheriff's sales. These organizations are permitted to bid on foreclosed properties but must comply with specific conditions, such as restoring and selling or renting the property to low-income households. The legislation emphasizes affordable housing and includes penalties for nonprofits that fail to meet these requirements. Overall, the bill seeks to enhance community revitalization efforts while providing veterans with greater opportunities for homeownership.

Statutes affected:
Introduced: 2A:50-55, 2A:50-64