New Jersey Assembly Bill A2713

New Jersey 2024-2025 Regular Session

• Introduced: 1/9/24
• Refer: 1/9/24

Caption

Provides additional home ownership assistance for certain military service members.

Impact

The legislation is expected to have a significant positive impact on the ability of eligible military service members and their surviving spouses to afford home ownership in New Jersey. By offering a direct financial incentive, it aims to promote stability and integration for veterans and active military personnel into their communities. The eligibility criteria specify those who have served or were honorably discharged after at least 90 days of active service since September 11, 2001, thus focusing on more recent veterans. This targeted approach acknowledges the unique challenges faced by modern military members seeking housing.

Summary

Bill A2713 aims to provide additional home ownership assistance to certain military service members in New Jersey. Specifically, it allows the New Jersey Housing and Mortgage Finance Agency (NJHMFA) to award up to $5,000 in assistance for down payment and closing costs on primary residences. This funding will supplement existing programs designed to aid first-time homebuyers and those requiring down payment assistance. The objective of the bill is to ease the financial burden for service members and their families as they transition to civilian life and seek to purchase homes.

Contention

Potential points of contention surrounding A2713 may revolve around the allocation of state resources for this program. Critics might argue about the effectiveness and budget implications of providing additional funds for specific groups instead of broader housing initiatives. Nonetheless, supporters emphasize the need to honor and support military service members' sacrifices, claiming that enhanced home ownership support is a necessary policy to facilitate their reintegration into society. The program's regulation by the NJHMFA also opens discussions on how these funds will be monitored and administered, ensuring transparency and efficiency.