Establishes loan program for first-time homebuyers in areas with most abandoned properties in New Jersey.
This bill establishes a loan program for first-time homebuyers who move to areas with the highest numbers of abandoned properties in New Jersey. Eligible applicants must meet at least four of the seven criteria, including having completed a degree program, being employed in certain fields, or being a military member. The loan program provides interest-free, deferred second mortgage loans up to $10,000 to cover the cost of qualified repairs to residential properties in eligible areas.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
Analyze for Free
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.