New Jersey Assembly Bill A3685

New Jersey 2022-2023 Regular Session

• Introduced: 3/24/22
• Refer: 3/24/22

Caption

Creates housing purchase matching grant program for members of United States Armed Forces and New Jersey National Guard who have served in certain military operations.

Impact

The bill will directly interact with housing laws in New Jersey by creating a specific grant program under the purview of the New Jersey Housing and Mortgage Finance Agency. This agency will collaborate with the Department of Military and Veterans Affairs to implement the program. The bill's provisions intend to simplify the home buying process for eligible military members and may interface with existing first-time homebuyer programs, allowing for greater accessibility to homeownership resources without additional income eligibility requirements. However, it is important to note that the assistance will prioritize applicants who qualify for other programs, effectively allowing for a multifaceted approach to housing support.

Summary

Assembly Bill A3685 aims to establish a housing purchase matching grant program specifically for members of the United States Armed Forces and the New Jersey National Guard who have served in significant military operations. This program is designed to assist these individuals in purchasing a home by providing a dollar-for-dollar matching grant, with the potential to receive up to $10,000. This is a notable financial incentive tailored to support military personnel in obtaining homeownership, recognizing their service and commitment to the country.

Contention

While the bill appears to be a commendable initiative for helping veterans, future discussions may revolve around the allocation of the $2 million appropriated from the General Fund to support this program. Possible contention could arise regarding whether this funding is sufficient or optimally utilized. Additionally, the criteria for eligibility, such as the service requirements and residency stipulations, may also be topics for debate among legislators concerned with equity and access for various populations.