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 definitions of various subsidies are outlined, with "deep subsidy" covering all mortgage payments in arrears plus six months of advance payments, while "single subsidy" covers one month in advance. Homeowners receiving assistance must commit to using the home as their principal residence for three years and complete a homeowner counseling course.

The bill mandates annual appropriations of at least $200 million from the General Fund to support the program, with specific allocations ensuring that 25% of the funding goes to low-income homeowners and another 25% to those at imminent risk of homelessness. If there are insufficient qualifying applicants, the agency can reallocate funds to other eligible homeowners. Additionally, the agency is required to report annually on the program's effectiveness, including demographic data on recipients. The bill is set to take effect three months after enactment, with provisions for the agency to begin preparatory actions immediately.