This bill is designed to support veterans in New Jersey by allowing them to bid at sheriff auctions for residential properties with a reduced deposit of only five percent of the purchase price, instead of the standard twenty percent. To qualify for this benefit, veterans must commit to occupying the property for a minimum of two years. The legislation 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. This initiative aims to address the housing challenges faced by veterans, particularly those who have served since September 11, 2001, and is expected to promote homeownership among the state's veteran population.

In addition to the provisions for veterans, the bill also establishes new regulations for nonprofit community development corporations involved in sheriff's sales. These organizations are permitted to bid on foreclosed properties and must comply with specific conditions, such as restoring and selling or renting the property to low-income households. The bill outlines penalties for nonprofits that do not adhere to these requirements, including fines and the potential transfer of property to another nonprofit. Overall, the legislation seeks to enhance affordable housing opportunities while providing critical support to veterans in their pursuit of homeownership.

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