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S 4615

Dedicates a portion of the state highway system to Charlie Bunger Sr.

2025 Regular Session Introduced by Alexis Weik

Restrict institutional investors' grip on single-family homes and boost first-time buyers with down-payment aid, incentives, and faster starter-home development.

SUBSTITUTED BY A5493B
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Bill Summary · S 4615

Summary — S.4615 (2025)

Title (header): Dedicates a portion of the state highway system to Charlie Bunger Sr.
Reported/text content (introduced version): "Protection of Homeownership and Limiting Institutional Investor Acquisition Act"
Sponsor: Sen. Alexis Weik (primary)
Introduced: June 19, 2025
Status: Substituted by A5493B (6/12/2025). Referred to committee (Transportation; later Community & Urban Affairs references appear in record). Multiple amended and print versions (S4615A, S4615B) were prepared.

Note: The record provided contains inconsistent materials. The bill caption indicates a ceremonial highway dedication, but the introduced text supplied is a substantive housing bill titled the "Protection of Homeownership and Limiting Institutional Investor Acquisition Act." This summary focuses on the substantive introduced text because it contains the bill’s operative provisions. Also note S.4615 was marked “substituted by A5493B,” meaning the Assembly bill now carries the active text in the legislative process.

Purpose / Intent

To limit the concentration of single‑family residential ownership by institutional investors, strengthen opportunities for individual and family homeownership, and use regulatory and tax measures (both incentives and disincentives) plus programmatic supports to promote purchase and development of single‑family “starter” homes and affordable housing.

Key findings (legislative intent)

  • Institutional investors’ growing activity in single‑family homes has reduced homebuying opportunities for individuals and contributed to rising housing costs.
  • The State should both restrict certain institutional investor behaviors and enhance the capacity of individual buyers (down‑payment assistance, tax deductions, incentives for development).

Major provisions (high‑level)

  • New act establishing:
    • Definitions for key terms: “institutional investor,” “beneficial owner” (10% ownership threshold), “family limited liability company” (≤5 members, family relationships), “family trust,” “affordable/low/moderate‑income housing,” and “on the market and available for purchase.”
    • Authority to impose restrictions on institutional investors’ ability to purchase or aggregate single‑family homes (text truncated in provided excerpt; however the bill frames restrictions, tax incentives/disincentives, and programmatic assistance).
    • Provisions to increase down‑payment assistance to individual homebuyers for starter homes.
    • Measures to expedite production of single‑family and starter homes (reducing statutory/regulatory impediments) and to provide tax incentives for their development.
    • Allowance for certain gross income tax deductions for individual New Jersey homebuyers (details in full text).

Who would be affected

  • Institutional investors (corporations, partnerships, LLCs, trusts, affiliates and their beneficial owners), except family trusts and family LLCs as defined.
  • Individual and family homebuyers seeking starter single‑family homes (target beneficiaries of assistance and tax deductions).
  • Developers and builders of single‑family housing (eligible for incentives and expedited processes).
  • State agencies (e.g., Department of Community Affairs) for administration and enforcement.

Procedural / timeline notes

  • Multiple printed and amended versions (S4615A, S4615B) were prepared.
  • Legislative action record shows amendments, recommitments to Transportation, and committee referrals.
  • On 6/12/2025 the bill was substituted by A5493B — the Assembly version now carries the measure in the legislative process. Track A5493B for subsequent committee reports, floor action, or final disposition.

Important caveats

  • The provided materials were incomplete and partially truncated; key operational details (specific restrictions, tax rates, implementation deadlines, penalty structures, and program funding amounts) are not included in the excerpt. For implementation specifics and legal language, consult the full text of A5493B (the substitute/companion) or the official bill text as filed.

Compiled from official sources — confirm details with the bill’s official record.

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