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. The definitions of various subsidies are outlined, with "deep subsidy" covering all mortgage payments in arrears plus six months of advance payments, while "single subsidy" covers one month in advance. 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 subsequent annual appropriations from the General Fund allocate at least $200 million to the agency for the program's operation, with specific funding requirements ensuring that at least 25% of the assistance goes to low-income homeowners and another 25% to those at imminent risk of homelessness. The agency is also tasked with reporting annually on the program's effectiveness, including demographic data on recipients. The bill is set to take effect three months after enactment, with provisions for the agency's executive director to take necessary anticipatory actions.