All Roll Calls
Yes: 277 • No: 84
New JerseyS1446220th Legislature (2024-2025)SenateWALLET
Modifies down payment assistance program for benefit of first-generation and first-time homebuyers; makes an appropriation.
Sponsored By: Louis D. Greenwald (Democratic), Tennille R. McCoy (Democratic), William F. Moen Jr. (Democratic), M. Teresa Ruiz (Democratic), Troy Singleton (Democratic)
Signed by Governor
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Bill Overview
Analyzed Economic Effects
3 provisions identified: 1 benefits, 0 costs, 2 mixed.
First-generation buyers get extra loan help
Beginning June 28, 2024, qualifying first-generation buyers get an extra $7,000 to $10,000 zero-interest, forgivable loan for down payment help. This is added to regular assistance of up to $20,000, and buyers must also qualify as first-time buyers. One path requires parents or legal guardians to have no current residential property ownership anywhere, including outside the United States. Under that path, a spouse or domestic partner must have had no principal-home ownership anywhere during the three years ending at purchase. Alternatively, buyers qualify through past New Jersey foster care, emancipation, or designation as homeless or unaccompanied under the McKinney-Vento Homeless Assistance Act. Applicants can confirm eligibility themselves under penalty of perjury; the agency may check for fraud, and assistance obtained through fraudulent statements must be repaid.
First-time buyers get loans with requirements
Beginning June 28, 2024, eligible New Jersey first-time buyers can get zero-interest, forgivable loans of up to $20,000. Buyers must meet the New Jersey Housing and Mortgage Finance Agency’s household income limit and use its homebuyer-program mortgage. Eligible homes include one- to four-family homes, condos, co-ops, manufactured homes with lots, and manufactured-home lots. Buyers must finish agency-directed counseling before receiving help; forgiveness requires living in the home and keeping the agency’s first mortgage for five years. The loan is secured by a claim against the property with the priority of a mortgage lien.
State funds homebuyer help each year
Effective June 28, 2024, the law requires General Fund support in the state fiscal year 2024 budget, without specifying an amount. Each later state fiscal year must provide at least $25 million while the program operates; administration can use no more than 5%. At least 50% of annual assistance awards must go to first-generation buyers. If the agency finds too few have applied, more than 50% must go to other first-time buyers instead. The law also appropriates up to $8 million from the New Jersey Affordable Housing Trust Fund, subject to state budget director approval.
Sponsors & Cosponsors
Sponsors
Louis D. Greenwald
Democratic • House
Tennille R. McCoy
Democratic • House
William F. Moen Jr.
Democratic • House
M. Teresa Ruiz
Democratic • Senate
Troy Singleton
Democratic • Senate
Cosponsors
Carmen F. Amato Jr.
Republican • Senate
Atkins, Reginald W.
Affiliation unavailable
Rosaura Bagolie
Democratic • House
Margie Donlon M.D.
Democratic • House
Victoria A. Flynn
Republican • House
Shama A. Haider
Democratic • House
Hall, Garnet R.
Affiliation unavailable
Yvonne Lopez
Democratic • House
Carmen Theresa Morales
Democratic • House
Paul D. Moriarty
Democratic • Senate
Luanne M. Peterpaul Esq.
Democratic • House
Verlina Reynolds-Jackson
Democratic • House
Gabriel Rodriguez
Democratic • House
Shanique Speight
Democratic • House
Sterley S. Stanley
Democratic • House
Sumter, Shavonda E.
Affiliation unavailable
Lisa Swain
Democratic • House
Roll Call Votes
Senate vote • 6/28/2024
SUSPEND RULE 23:4
Yes: 33 • No: 2
House vote • 6/28/2024
3RDG FINAL PASSAGE
Yes: 56 • No: 17 • Other: 1
House vote • 6/28/2024
SUSPEND RULE 22:5a
Yes: 55 • No: 14 • Other: 2
Senate vote • 6/28/2024
ADOPT GR
Yes: 27 • No: 11
Senate vote • 6/28/2024
CONCUR GOV REC
Yes: 27 • No: 12
House vote • 6/28/2024
CONCUR GOV REC
Yes: 57 • No: 13 • Other: 2
Senate vote • 2/12/2024
3RDG FINAL PASSAGE
Yes: 22 • No: 15
Actions Timeline
Approved by Governor — P.L.2024, c.23.
6/28/2024GovernorPassed Assembly, PBH — (57-13-2)
6/28/2024HouseMOTION — Suspend 22:5a (55-14-2)(Greenwald)
6/28/2024HouseReceived in Assembly, 2RAG
6/28/2024HousePassed Senate — (27-12)
6/28/2024SenateMOTION — Suspend Rule 23:4 (33-2) (Vitale)
6/28/2024SenateConditional Veto, Received in Senate, 2RSG — (27-11)
6/28/2024SenatePassed Assembly, PBH — (56-17-1)
6/28/2024HouseSubstituted for A2824 (1R)
6/28/2024HouseReported, 2nd Reading in Assembly
6/24/2024HouseReported, Referred to Assembly Appropriations Committee
2/22/2024HouseReceived in Assembly, Referred to Assembly Housing Committee
2/12/2024HousePassed Senate — (22-15)
2/12/2024SenateREP/SCA, 2nd Reading in Senate
1/25/2024SenateIntroduced, 1st Reading in Senate, Referred to Senate Community and Urban Affairs Committee
1/9/2024Senate
Bill Text
Version PL2024
9/10/2024
Version AL2024
7/31/2024
Conditional Veto 2R
7/1/2024
Conditional Veto
6/28/2024
Assembly Appropriations Substitute (6/24/24 1R)
6/25/2024
6/19/24; 1R
6/19/2024
Senate Community and Urban Affairs (1/25/24 1R)
2/29/2024
Assembly Housing Substitute (2/22/24 1R)
2/23/2024
As Introduced
1/26/2024
Senate Community and Urban Affairs Substitute (1/25/24)
1/26/2024
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