Trenton – In an effort to support homeownership in New Jersey, the Senate Community and Urban Affairs Committee passed legislation sponsored by Senator Troy Singleton to provide backend financial support to first-time homebuyers.
“Owning a home is key to creating generational wealth,” said Senator Singleton (D-Burlington), Chair of the Senate Community & Urban Affairs Committee. “This legislation is one facet of the bold action necessary to combat New Jersey’s housing affordability crisis, while simultaneously addressing historically egregious housing policies that have left massive wealth, homeownership, and opportunity gaps between minority and non-minority communities.”
The bill, S-3080, would provide financial support, in the form of closing credits, to first-time homebuyers who complete an approved counseling course through the New Jersey Housing and Mortgage Finance Agency (NJHMFA). These individuals would not need to be residents of the state in order to qualify. The NJHMFA would provide a credit up to one percent of the price of the home. Finally, the bill would appropriate $20 million to fund this program.
The bill was released from committee by a vote of 4-0-1.