New Jersey S 3226: Requires consolidation of municipalities with populations under 1,000 persons.

Bill Text

S3226 

SENATE, No. 3226 

STATE OF NEW JERSEY

222nd LEGISLATURE

� 

INTRODUCED FEBRUARY 2, 2026

Sponsored by:

Senator� SHIRLEY K. TURNER

District 15 (Hunterdon and Mercer)

Senator� ANGELA V. MCKNIGHT

District 31 (Hudson)

SYNOPSIS

���� Regulates institutional investor activities related 
to ownership of single-family homes, including purchase and lease; supports 
certain homebuyer assistance programs. 

CURRENT VERSION OF TEXT 

���� As introduced.

�� 

An Act related to certain home ownership by institutional 
investors, and supplementing chapter 27D of Title 52 of the Revised Statutes.

���� Be It 
Enacted by the Senate and General Assembly of 
the State of New Jersey:

���� 1.� 
As used in P.L.��� , c.��� (C.������� ) (pending before the Legislature 
as this bill):

���� "Affordable housing" means an 
inclusionary development, as defined pursuant to subsection f. of section 4 of 
P.L.1985, c.222 (C.52:27D-304), and other low- and moderate-income housing.

���� "Beneficial owner" 
means, with respect to an entity, an individual who, directly or indirectly, 
through any contract, arrangement, understanding, relationship, or otherwise, 
exercises substantial control over the entity, or owns or controls not less 
than 10 percent of the ownership interests of the entity.� "Beneficial owner" shall not include:

���� (1)� a minor;

���� (2)� an individual acting as a 
nominee, intermediary, custodian, or agent on behalf of another individual; 

���� (3)� an individual acting 
solely as an employee of a corporation, limited liability company, or other 
similar entity and whose control over or economic benefits from such entity is 
derived solely from the employment status of the person; 

���� (4)� an individual whose only 
interest in a corporation, limited liability company, or other similar entity 
is through a right of inheritance; or

���� (5)� a creditor of a 
corporation, limited liability company, or other similar entity.

���� "Commissioner" 
means the Commissioner of Community Affairs.

���� "Family 
limited liability company" means a limited liability company:

���� (1)� 
that has no more than five members;

���� (2)� 
whose membership satisfies the following criteria:

���� (a)� 
each member is an individual or a family trust; and

���� (b)� 
each member who is an individual is related to each of the other members who 
are individuals, within and including the third degree of consanguinity or 
affinity; and

���� (3)� 
whose revenue is paid directly from one member to another.

���� "Family 
trust" means:

���� (1)� 
a trust in which a majority of the beneficiaries are individuals who are 
related to each other within and including the third degree of consanguinity or 
affinity; and where each beneficiary is an individual or an organization 
described pursuant to section 170(c)(2) of the Internal Revenue Code (26 U.S.C. 
s.170(c)(2));

���� (2)� 
a charitable remainder annuity trust or a charitable remainder unitrust, as 
those terms are defined pursuant to section 664 of the Internal Revenue Code 
(26 U.S.C. s.664); or

���� (3)� 
a charitable lead trust. 

���� "Institutional 
investor":

���� (1)� 
means:

���� (a)�� a 
partnership, corporation, limited liability company, or trust;

���� (b)�� an 
affiliate, subsidiary, or holding company of a partnership, corporation, 
limited liability company, or trust;

���� (c) 
a beneficial owner of a partnership, corporation, limited liability company, or 
trust; or 

���� (d) 
a beneficial owner of an affiliate, subsidiary, or holding company of a 
partnership, corporation, limited liability company, or trust; and

���� (2)� 
shall not mean:

���� (a)� 
a nonprofit corporation organized for the exclusive purpose of acquiring a 
single-family home that is, or is to be, used for the development and provision 
of affordable housing; 

���� (b)� 
a family trust; or

���� (c)� 
a family limited liability company.

���� "Low-income 
housing" means the same as the term is defined pursuant to subsection c. 
of section 4 of P.L.1985, c.222 (C.52:27D-304).

���� "Minor" 
means a person under the age of 18 years.

���� "Moderate-income 
housing" means the same as the term is defined pursuant to subsection d. 
of section 4 of P.L.1985, c.222 (C.52:27D-304).

���� "On 
the market and available for purchase" means the status of real property, 
on which real property there is constructed or is to be constructed, a 
single-family home:

���� (1)� 
which real property is listed by a real estate agent or other similar real 
estate professional, or the seller of the real property, on a multiple listing 
service, or other similar database, for which, if the seller has chosen to use 
a real estate agent or other similar real estate professional, the seller has 
signed a contract with the real estate agent or other similar real estate 
professional for the real estate agent or other similar real estate 
professional to advertise the real property to potential buyers;