This bill establishes a mortgage assistance program within the New Jersey Housing and Mortgage Finance Agency to support low- and moderate-income homeowners facing imminent risk of homelessness due to qualifying economic hardships. The program will provide zero-interest, forgivable loans in the form of deep, moderate, shallow, or single subsidies to assist homeowners who have missed mortgage payments or are at risk of doing so. Key definitions include "deep subsidy," which covers all mortgage payments in arrears plus six months of advance payments, and "moderate subsidy," which covers all payments in arrears plus two months of advance payments. Homeowners receiving assistance must commit to using the home as their principal residence for three years and complete a homeowner counseling course.

The bill mandates that at least $200 million be appropriated annually from the General Fund to support the program, with specific allocations ensuring that 25% of the funding goes to low-income homeowners and another 25% to those at imminent risk of homelessness. The agency is also required to report annually on the program's effectiveness, detailing the demographics of recipients and the total amount of subsidies provided. The bill will take effect three months after enactment, with provisions for the Executive Director to take necessary anticipatory actions.