This bill establishes a loan program aimed at first-time homebuyers who relocate to areas with the highest concentrations of abandoned properties in New Jersey. The program, administered by the New Jersey Housing and Mortgage Finance Agency, will provide interest-free, deferred second mortgage loans of up to $10,000 to eligible applicants for qualified repairs on residential properties. To qualify, applicants must meet at least four out of seven specified criteria, which include educational achievements, military service, employment status, and commitments to community service or property rehabilitation.

Additionally, the bill appropriates $5 million from the General Fund to support the program's implementation. The Executive Director of the New Jersey Housing and Mortgage Finance Agency is tasked with adopting necessary rules and regulations within nine months of the bill's effective date, including criteria for identifying municipalities with the highest numbers of abandoned properties. The intent of the bill is to encourage revitalization in these areas by making homeownership more accessible and affordable for first-time buyers.