Morristown, NJ

$10 Million In Foreclosure Prevention Funding for NJ

Morristown Minute

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Morristown Minute

Gov. Murphy announced on 2/16/2022 that $10 million will be allocated to support New Jersey’s Foreclosure Prevention Act program.

Governor Murphy announce on 2/16/2022 that $10 million in funding from the federal American Rescue Plan Act of 2021 will be allocated to support New Jersey’s Foreclosure and Prevention Act (2021) program managed by the New Jersey Housing and Mortgage Finance Agency (NJHMFA).

NJHMFA will use these funds to stabilize communities through supportive homeowner interventions and vacancy rehabilitation and sale, stemming the loss of single-family homes to rental property investment firms," reads the press release.

The Murphy administration plans to use the $10 million in funding to purchase “non-performing mortgage notes from the FHA prior to foreclosure proceedings.” If the homeowner occupies the property, “efforts will be made to assist the homeowner.” If the property is abandoned, the title will be obtained, the home will be rehabilitated, and the property will return to the “single-family market.”

“Homeownership is the foundation for building intergenerational wealth and provides people long-term financial, mental, and physical stability,” said Lt. Governor Sheila Oliver, who serves as Commissioner of the Department of Community Affairs and NJHMFA board chair. “This legislation and ensuing program administered by NJHMFA will improve New Jersey communities by rehabilitating blighted or abandoned single-family properties while helping residents attain the dream of owning their own home.”
"The threat of imminent foreclosure is one of the most daunting financial challenges a family will ever face. The upheaval and disruption can cause irreversible damage. The Governor's infusion of American Rescue Funds into the NJHMFA's Mortgage Foreclosure Prevention Program will stabilize this critically important initiative, thereby enabling the agency to continue to provide much-needed assistance to families in dire financial straits. It also stabilizes neighborhoods by preventing the eyesore of vacant and abandoned buildings that depreciate home values." said Assemblywoman Mila Jasey, the lead sponsor of the law creating the program.

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