The bill establishes a Whole-Home Repairs Program within the New Jersey Housing and Mortgage Finance Agency (HMFA) and appropriates $25 million to fund it. The program aims to provide grants and forgivable loans to eligible homeowners and landlords for necessary repairs and modifications to improve physical accessibility, safety, energy efficiency, and overall habitability of residential properties. Eligible homeowners are defined as those with a household income below 80% of the area median income, while eligible landlords are those owning fewer than 10 residential properties. The agency is tasked with ensuring that any residential unit receiving assistance remains affordable to low- and moderate-income households for a specified duration.

In administering the program, the agency will prioritize applications from low-income households, seniors, persons with disabilities, and those facing financial hardship due to health and safety risks. The bill mandates that any work funded through the program must pay at least the prevailing wage as determined by the Commissioner of Labor. Additionally, the agency is required to develop rules and regulations to guide the implementation of the program, including criteria for loan forgiveness and limits on rent increases. The establishment of the Whole-Home Repairs Fund is also included to facilitate the program's financial operations.