Allows municipalities to use up to 30% of development fees for housing grants to first-time veteran homebuyers.
The bill permits municipalities in New Jersey to allocate up to 30% of their development fees for housing affordability assistance to veterans. Specifically, these funds can be used to provide grants for down payments, up to a maximum of $15,000 per veteran. The bill also ensures that these grants are not considered income for tax or public assistance eligibility purposes. Municipalities must follow Council on Affordable Housing rules for the administration and enforcement of these funds.
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