This bill establishes a new home purchase grant program specifically designed to assist certain veterans who have served in federal active duty. The program will be administered by the New Jersey Housing and Mortgage Finance Agency (HMFA) in coordination with the Department of Military and Veterans Affairs. Eligible veterans can receive matching grants of up to $10,000 on a dollar-for-dollar basis, which can be used for closing costs, equity payments, or other expenses related to purchasing a home. To qualify, veterans must provide proof of at least 90 days of federal active duty service, legal residency in New Jersey, and the intent to purchase a principal residence in the state. Importantly, the program does not impose income eligibility requirements, although priority may be given to those who qualify for other home purchase assistance programs.

Additionally, the bill includes amendments to existing legal language regarding the powers of the agency, specifically allowing it to issue subpoenas related to hearings. It also appropriates $2 million from the General Fund to support the implementation of the grant program. The bill aims to enhance homeownership opportunities for veterans while streamlining the process by not requiring them to meet the eligibility criteria of other homebuyer programs.

Statutes affected:
Introduced: 55:14K-5