Lou Greenwald voted Yea (Passage) on this Legislation.
Title: Establishes a Zero-Interest Forgivable Loan Program to Provide Down-Payment Assistance for First-Time Homebuyers
Signed by Governor Phil Murphy
Title: Establishes a Zero-Interest Forgivable Loan Program to Provide Down-Payment Assistance for First-Time Homebuyers
Title: Establishes a Zero-Interest Forgivable Loan Program to Provide Down-Payment Assistance for First-Time Homebuyers
Vote to pass a bill that establishes a zero-interest, forgivable loan program to provide down-payment assistance for some first-time homebuyers and a pilot program for developers to rehabilitate existing homes and build new affordable homes.
Defines terms related to the commissioner of community affairs and first time home-buyers (Sec. 1).
Establishes a zero interest forgivable loan award of not less than $7,000 (Sec. 2).
Authorizes the executive director to have the ability to disseminate regulatory guidance and guidelines on the loan program (Sec. 2).
Appropriates funding from the state general fund for the loan program with no less than 50% of this funding going to first-generation homebuyers (Sec. 2).
Establishes the Resilient home construction pilot program for the purposes of funding the rehabilitation of existing homes to construct new affordable housing (Sec. 2).
Authorizes the establishment for an application process for new homes and requirements that these new homes meet the following criteria (Sec. 3):
Is not located on a floodplain;
Is sold at price not to exceed 120% a buyers gross income;
The prospective buyer has been affected by a storm or natural disaster;
The developer includes a purchase discount;
The houses contain a minimum period of affordability.
Authorizes local governments to apply for funding for developers to renovate and rehabilitate new homes and construct new affordable housing (Sec. 3).
Authorizes the use of funds from the “American Rescue Plan Act of 2021” for the purposes of this act (Sec. 6).
Title: Establishes a Zero-Interest Forgivable Loan Program to Provide Down-Payment Assistance for First-Time Homebuyers