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 bill defines various types of subsidies, including "deep subsidy" for those in severe arrears and "single subsidy" for covering one month of advance payments. Homeowners receiving assistance must commit to using the property as their principal residence for three years and complete a homeowner counseling course before receiving aid.

To fund this initiative, the bill appropriates $200 million from the General Fund, with a requirement that at least 25% of the funds be allocated to low-income homeowners and another 25% to those at imminent risk of homelessness. The agency is permitted to adjust these allocations if there are insufficient qualifying applicants. Additionally, the bill mandates annual reporting on the program's effectiveness, including demographic data on recipients. The provisions of the bill are set to take effect three months after enactment, with anticipatory actions required by the agency's Executive Director to ensure timely implementation.