Establishes a loan program for first-time homebuyers moving to areas with the most abandoned properties in New Jersey.
The bill establishes a loan program for first-time homebuyers who move to parts of New Jersey with the highest numbers of abandoned properties. The program, administered by the New Jersey Housing and Mortgage Finance Agency, provides interest-free, deferred second mortgage loans up to $10,000 to cover the cost of qualified repairs to residential properties in eligible areas.
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