Sponsored by:
Senator MICHAEL L. TESTA, JR.
District 1 (Atlantic, Cape May and Cumberland)
Senator VIN GOPAL
District 11 (Monmouth)
Co-Sponsored by:
Senator A.M.Bucco
SYNOPSIS
Provides additional home ownership assistance for certain military service members.
CURRENT VERSION OF TEXT
As introduced.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. The New Jersey Housing and Mortgage Finance Agency in the New Jersey Department of Community Affairs shall award eligible service members up to $5,000 for down payment and closing cost assistance on qualified primary residences, in addition to the assistance awarded through the agency’s “First-Time Homebuyer Mortgage Program” and “Down Payment Assistance Program” or its successor programs. The surviving spouse of a deceased eligible service member shall be eligible for assistance under this section, subject to the surviving spouse meeting the eligibility requirements other than the military service requirement.
b. The agency shall, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), adopt rules and regulations as are necessary, including:
(1) providing for limiting the period of time for which an award of funds shall be reserved for an eligible person pending the closing of a home purchase and compliance with all program requirements;
(2) providing that implementation shall be limited to the extent of the amount made available for the purposes of this section; and
(3) providing that the home purchased shall be located in New Jersey and purchased by an eligible service member or the surviving spouse of a deceased eligible service member.
c. As used in this section:
“Eligible service member”
means a person who is or was a member of the Armed Forces of the United States,
the National Guard of this State or another state, or a Reserve component of
the Armed Forces of the United States, who has served at least 90 days of
active duty service beginning on or after September 11, 2001, or during the
period of Operation “Desert Shield/Desert Storm” of the Persian Gulf Conflict,
beginning August 2, 1990, and ending April 6, 1991, and was honorably
discharged or generally discharged under honorable conditions. “Eligible
service member” also means a former member of the Armed Forces of the United
States, the National Guard of this State or another state, or a Reserve
component of the Armed Forces of the United States, who was honorably
discharged due to injuries incurred while on federal active duty beginning on
or after September 11, 2001, or during the period of Operation “Desert
Shield/Desert Storm” of the Persian Gulf Conflict, beginning August 2, 1990,
and ending April 6, 1991, that precluded completion of a minimum aggregate of
90 days of federal active duty.
2. This act shall take effect immediately.
STATEMENT
This bill provides additional home ownership assistance for certain military service members.
The assistance would be in addition to the “First-Time Homebuyer Mortgage Program” and the “Down Payment Assistance Program” and would permit the New Jersey Housing and Mortgage Finance Agency (NJHMFA) to award an additional $5,000 to eligible service members or surviving spouses for down payment and closing cost assistance on primary residences.
Eligible service members would be defined as a person who is or was a member of the Armed Forces of the United States, the National Guard of New Jersey or another state, or a Reserve component of the Armed Forces of the United States, who served at least 90 days of active duty service beginning on or after September 11, 2001, or during the period of Operation “Desert Shield/Desert Storm” of the Persian Gulf Conflict, beginning August 2, 1990, and ending April 6, 1991, and was honorably discharged or generally discharged under honorable conditions. Eligible service members would also include an eligible service member who was honorably discharged prior to the 90-day active duty threshold due to injuries occurred during the dates listed above.