Trenton – The Senate Community and Urban Affairs Committee today advanced legislation sponsored by Senators Troy Singleton and M. Teresa Ruiz that would establish the “New Jersey American Dream Act” and appropriate $25 million to provide financial assistance for certain low- and moderate-income households for the purpose of homeownership.
The bill, S-1446,would establish the “New Jersey American Dream Program” within the Division of Housing and Community Resources in the Department of Community Affairs (DCA). The bill would also appropriate $25 million to the grant program in order to provide financial assistance for certain low- and moderate-income households to achieve homeownership in the form of down payment assistance and home repair assistance. The individual grants would be up to six percent of the purchase price of the single-family housing or $10,000, whichever is greater.
“Owning a home is a key component of the American Dream and critical to creating generational wealth,” said Senator Troy Singleton (D-Burlington). “But, for so many, saving enough for the necessary down payment has made homeownership unattainable. By providing grants to first-time homebuyers, the New Jersey American Dream Act will make homeownership both more affordable and accessible, especially in this housing market.”
“Homeownership remains a key component for building wealth. For too long the dream of owning a home has been out of reach due to rising home prices, interest rates and down payment costs,” said Senator Ruiz (D-Essex). “On top of all this, for decades, the cost of living has gone up while wages have remained largely stagnant. Every family deserves to own a place of their own, and the New Jersey American Dream Act will work to assist and support those looking to buy a house.”
The bill was voted out of committee by a vote of (4-0).