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Bill

S 4830

Relates to commuter passes on the New York state thruway in the Syracuse area

2025 Regular Session Introduced by Rachel May and 1 co-sponsor

Establishes a zero‑interest, forgivable mortgage‑assistance program for low/moderate‑income NJ homeowners at risk of foreclosure, with liens and three‑year residence requirement.

RETURNED TO SENATE
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WeVote Research Nonpartisan
Bill Summary · S 4830

Note on source materials
The metadata for S 4830 lists a title about commuter passes on the New York State Thruway, but the text provided with the bill is a New Jersey draft establishing a mortgage-assistance program. This summary focuses on the substantive bill text you supplied (a New Jersey mortgage-assistance program). If you intended the commuter-pass bill, please provide that text or confirm and I will summarize it instead.

Summary — S 4830 (Introduced version, mortgage-assistance program)

Purpose

Establishes a statewide, zero-interest, forgivable mortgage assistance program administered by the New Jersey Housing and Mortgage Finance Agency (NJHMFA) to prevent imminent mortgage-related homelessness among low- and moderate‑income homeowners who have experienced qualifying economic hardship or are delinquent/at risk of becoming delinquent on mortgage payments.

Key provisions

  • Program administered by the NJHMFA (the “agency”); the Executive Director will issue program guidelines.
  • Four types of forgivable, zero-interest mortgage-assistance awards:
    • Deep subsidy: covers all mortgage payments in arrears (including fees, penalties, attorney’s fees, court costs and related expenses) plus six months of advance monthly mortgage payments.
    • Moderate subsidy: covers all arrears (including fees, etc.) plus two months of advance payments.
    • Shallow subsidy: covers two months of advance mortgage payments.
    • Single subsidy: covers one month of advance mortgage payment.
  • Eligibility tiers:
    • Low-income homeowner: gross household income ≤ 50% of the regional median for household size.
    • Moderate-income homeowner: gross household income >50% and <80% of regional median.
  • Qualifying economic hardships include involuntary job loss, death in the family, divorce/separation, illness/disability leading to income reduction, or other agency‑approved economic events.
  • A recipient must occupy the assisted property as their principal residence and commit to doing so for three years after receiving assistance; the loan is forgivable provided requirements are met.
  • All recipients must complete a homeowner counseling course before award disbursement (budgeting, home finance, taxes, inspections, etc.).
  • Recovery and lien provisions:
    • Assistance is generally recoverable as a lien on the property, with priority over other liens, plus interest, attorney’s fees, and court costs — but only if the assistance was misused, application information was fraudulent/omitted, or the 3‑year residence requirement is not met.
    • The lien/recovery will not apply if failure to occupy the home for three years is due to circumstances beyond the homeowner’s control or the homeowner’s death or incapacity.
  • The Executive Director will set application, selection, eligible uses, and counseling curriculum via program guidelines.

Funding

  • Annual appropriation: beginning in State fiscal year 2026 and for each fiscal year the program operates, the bill requires not less than $200,000,000 from the General Fund to NJHMFA to support the program and administrative costs.

Who is affected

  • Primary beneficiaries: New Jersey low- and moderate‑income homeowners (one- to four-family residences, condominium/co-op units, manufactured homes/lots) facing imminent foreclosure or risk of homelessness due to mortgage delinquency after qualifying hardship.
  • Mortgage lenders and servicers may be affected by lien priority and the program’s payment interventions.
  • NJHMFA is responsible for program implementation and administration.

Legislative / procedural status (as provided)

  • Introduced: 2025-11-06 — Referred to Senate Community and Urban Affairs Committee.
  • Other recorded actions (June–Nov 2025): committee referrals, passage in one chamber, amendments, substitution for A225A, print number 4830A, returned to Senate. (The timeline provided contains out‑of‑order dates and appears to consolidate actions from companion/related measures; consult the legislative record for the official current status.)

Related measures

  • Companion/related: A 225 (companion), prior-session S 8517, S 3132.

If you want, I can:
- Produce a short one‑page summary for a policy brief or press release.
- Extract eligibility checklist and application steps for homeowners.
- Verify current official status and committee history from the legislature’s website.

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

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