Authorizes HMFA to make certain reimbursements to support pre-purchase homebuyer counseling under Foreclosure Mediation Assistance Program.

New Jersey funds more homebuyer counseling

Beginning July 22, 2026, New Jersey’s housing agency can reimburse trained counselors for pre-purchase homebuyer counseling under agency guidelines. A new dedicated Foreclosure Counseling Fund also supports pre-foreclosure counseling and the agency’s foreclosure mediation duties. It covers counselors helping homeowners and renters whose homes were damaged or destroyed in a declared emergency or disaster. Those counselors help with state or federal aid applications for rent, mortgage, insurance, property taxes, repairs, rehabilitation, or relocation. The Department of Community Affairs manages the fund, and unused money stays available. Payments to the housing agency are due by the 15th day of each quarter; administration can use up to 5% of annual allocations. The law funds counseling, not direct payments to homebuyers.