To ease the burden of foreclosure facing thousands of homeowners throughout New Jersey, Governor Jon S. Corzine signed legislation on Monday December 1, allocating $12.5 million in state funds to be administered by HMFA to strengthen counseling opportunities available to homeowners in distress and provide legal assistance as part of the Office of the Courts’ Foreclosure Mediation Program.  The legislation also appropriated $51.4 million in federal funds for neighborhood stabilization assistance. The signing ceremony took place at the Faith Fellowship Ministries in Sayreville and was attended by state legislators, homeowners and housing counselors who have been trained in foreclosure prevention and asset preservation. 

Working with the Governor’s office and the Legislature, HMFA has been instrumental in designing, supporting and implementing foreclosure prevention and support programs to assist NJ residents in jeopardy of losing their homes. In addition to the Office of the Courts Mediation Program, HMFA is working with the Governor’s Office and the Legislature on a second aspect of the Governor’s Economic Assistance and Recovery Plan, the Mortgage Stabilization and Relief Act to directly assist residents and communities by providing direct mortgage assistance to homeowners and not for profits to renegotiate loans or, where appropriate, assist the not for profit to acquire a threatened property and lease the unit back to the homeowner in an effort to stay in the home.

HMFA has provided capacity funding for 16 HUD certified housing counseling agencies throughout the state to provide the services needed to work one-on-one with residents.  Funding for the counseling services is provided by the State Legislature as part of the Governor’s Economic Assistance and Recovery Plan, Grant funds from NeighborWorks America, and HMFA general funds.