New Jersey § 55:14k-104

§ 55:14k-104.

As used in P.L.2023, c. 78 ( C.55:14K-104 et al.): “ Agency ” means the New Jersey Housing and Mortgage Finance Agency established pursuant to

section 4 of P.L.1983, c. 530 ( C.55:14K-4 ). “ Commissioner ” means the Commissioner of Community Affairs. “ Department ” means the Department of Community Affairs. “ Down payment assistance ” or “ assistance ” means financial assistance for first-time homebuyers to acquire single-family housing

for principal residence through the loan program. “ Executive director ” means the Executive Director of the New Jersey Housing and Mortgage Finance Agency. “ First-generation homebuyer ” means a first-time homebuyer, who is: a. an individual: (1) whose parents or legal guardians do not have any present ownership interest in

any residential real property in any state or territory of the United States, or outside

of the United States; and (2) whose spouse, or domestic partner, and each member of whose household has not,

during the 3-year period ending upon acquisition of the eligible home to be acquired

using such assistance, had any present ownership interest in any residential real

property used as their principal residence in any state or territory of the United

States, or outside of the United States; or b. an individual who has at any time been placed in foster care in the State. “ First-time homebuyer ” means a homebuyer who, in accordance with rules and regulations adopted by the agency,

has not owned any residential real property as their principal residence within the

preceding three years, and is utilizing a mortgage product offered by the agency through

an agency homebuyer program to purchase single-family housing, and has a gross household

income that does not exceed a limitation determined by the agency. “ Loan program ” means the zero-interest, forgivable loan program established pursuant to section

2 of P.L.2023, c. 78 ( C.55:14K-105 ). “ Principal residence ” means a homestead that is actually and continually occupied as the permanent residence

of a household, as distinguished from a vacation home, real property owned and rented

or offered for rent by the household, or other secondary real property holdings. “ Single-family housing ” means a one- to four-family residence, a condominium unit, a cooperative unit, a

combination of a manufactured housing and lot, or a manufactured housing lot.