Establishes a mortgage assistance program for low- and moderate-income homeowners in New Jersey.

The bill establishes a mortgage assistance program within the New Jersey Housing and Mortgage Finance Agency to provide zero-interest, forgivable loans to low- and moderate-income homeowners facing economic hardships or at risk of homelessness. The program offers deep, moderate, shallow, or single subsidies to cover mortgage payments and related costs. Recipients must commit to residing in their homes for three years and complete a homeowner counseling course. The bill appropriates $200 million annually from the General Fund to fund the program and requires annual reports on its efficacy.

Establishes a mortgage assistance program for low- and moderate-income homeowners in New Jersey.

The bill establishes a mortgage assistance program within the New Jersey Housing and Mortgage Finance Agency to provide zero-interest, forgivable loans to low- and moderate-income homeowners facing economic hardships or at risk of homelessness. The program offers deep, moderate, shallow, or single subsidies to cover mortgage payments and related costs. Recipients must commit to residing in their homes for three years and complete a homeowner counseling course. The bill appropriates $200 million annually from the General Fund to fund the program and requires annual reports on its efficacy.