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 to residential properties. To qualify, applicants must meet at least four of seven specified criteria, which include educational achievements, military service, employment status, and commitments to community service or local employment. The eligible areas are defined as the ten municipalities with the most abandoned properties and the surrounding five-mile radius.

In addition to creating the loan program, the bill appropriates $5 million from the General Fund to support its 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 high numbers of abandoned properties. The overall goal of the bill is to encourage the revitalization of these neglected areas by incentivizing homeownership and property improvements.