Senate Passes Veterans Bill to Assist First Home Purchases

Feb 13, 2019

The New Jersey Senate has passed legislation sponsored by Sen. Christopher J. Connors, Assemblyman Brian E. Rumpf and Assemblywoman DiAnne C. Gove (R-9th District) that would permit a portion of municipal development trust funds to be spent on housing affordability assistance to veterans.

“Our proposal seeks to amend current law requiring municipalities to set aside a portion of their development fee trust fund to provide affordability assistance to low and moderate income households,” the legislators stated. “Under our bill, 30 percent would be dedicated to assist first-time home-buying veterans, specifically as a down payment assistance grant of up to $15,000 per individual recipient.

“This issue takes on added importance, as housing affordability remains a significant issue for veterans, especially in high tax states such as New Jersey.”

The lawmakers added, “The provisions of our bill are permissive, as municipalities would have the option of establishing a program. It’s also important to note that the veterans receiving the proposed assistance grants would be shielded from taxation, and from potentially losing their eligibility to other programs.”

The measure now moves to the Assembly, where Rumpf and Gove have introduced the companion legislation, A-696, which is awaiting action by the Assembly Military and Veterans’ Affairs Committee. —J.K.-H.

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