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 covering all mortgage payments in arrears plus six months of advance payments, and "single subsidy" for one month 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.

To fund this initiative, the bill appropriates $200 million from the General Fund, with a requirement that at least 25% of the funding 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 and allows the agency to retain up to 1% of the funds for administrative costs. The program is set to take effect three months after enactment, with provisions for the Executive Director to take necessary anticipatory actions.