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.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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