This bill establishes a new matching grant program aimed at assisting certain members of the United States Armed Forces and the New Jersey National Guard in purchasing homes. The program will be administered by the New Jersey Housing and Mortgage Finance Agency in coordination with the Department of Military and Veterans Affairs. Eligible participants can receive matching grants on a dollar-for-dollar basis, up to a maximum of $10,000, which can be used for closing costs, equity payments, or other home purchase-related expenses. To qualify, applicants must provide proof of at least 90 days of active duty service in specific military operations, legal residency in New Jersey, and intent to purchase a principal residence in the state. Notably, there are no income eligibility requirements, although priority may be given to those also eligible for other agency programs.

Additionally, the bill includes amendments to existing legal language regarding the powers of the agency, specifically allowing it to issue subpoenas and make provisions for the new grant program. It appropriates $2 million from the General Fund to support the implementation of this grant program. The act is designed to enhance homeownership opportunities for military personnel, reflecting a commitment to support those who have served in the armed forces.

Statutes affected:
Introduced: 55:14K-5