homefront header

Two New Foreclosure Prevention Programs Enacted
Mortgage Mediation Program Created
Mortgage Assistance Pilot (MAP) Program
New Jersey to Conduct Third Annual Statewide Point-In-Time Survey
Carbon Market Project - Memorandum of Understanding Signed
Bayonne Community Action Affordable Housing Project
Live Where You Work
DCA, HMFA Launch Next Phase of Camden Home Improvement Program
Buena Gardens 
Below are some of the training sessions which were held at HMFA recently. Make sure to check our training schedule below to see if there is a training you would like to attend.
Neighborworks Training

Green Building Training


Tuesday, May 12, 2009
Atlantic City Convention Center 
Poet, Playwright & Actress
Dr. Maya Angelou is hailed as one of the great voices of contemporary black literature and as a remarkable Renaissance woman. She has the unique ability to shatter the opaque prisms of race and class between reader and subject throughout her books of poetry and her autobiographies. From I Know Why the Caged Bird Sings to her groundbreaking work in television and film, she has opened minds with her lyrical, beautiful poetry and writing.
Click here for more information


Division of Regulatory Affairs

HMFA would like to congratulate  Division of Regulatory Affairs.  
We are very happy to report that our end of year closing rush has come to a close!  More

 Dennis McGuire as a Mummer

You never know who may be sitting in the cubical next to you....
We are delighted to introduce to you Dennis McGuire, an Accountant II in Finance, who has been a mummer for 31 years.He truly enjoys being a member of The Hegeman String Band.  He was exposed to this talent by his brother.  Dennis has also been dubbed the "Official Christmas Tree" decorator by many of his peers, his impeccable attention for detail definitely stands out when he decorates.

 Coat Drive
We are dedicated to making investments in communities across New Jersey and building neighborhoods where people want to raise families and build businesses. Part of that vision means providing people of all walks of life with access to safe, clean and affordable housing options. Thanks to the efforts of the New Jersey Housing and Mortgage Finance Agency (HMFA), we are creating homes for our state's families. HMFA is leading the way through innovative programs that are building effective relationships with developers, corporations, non-profits and for-profits to produce more affordable housing. HMFA puts people first by financing single family and multi-family rental housing and encouraging mixed use developments. These initiatives promote sustainable development that protects open space, curbs sprawl and improves regional transportation.
Two New Foreclosure Prevention Programs Enacted

Mortgage Stabilization and HARP Bill SigningFurthering the state's commitment to helping homeowners avoid foreclosure, Governor Corzine signed legislation in January enacting two new foreclosure prevention programs that will be administered by HMFA and appropriated $40 million to that effort.  The law created a $25 million Mortgage Stabilization Program to help homeowners avoid foreclosure by either refinancing into another mortgage or modifying their existing mortgage to make the future loan payments affordable to the homeowner. Governor Corzine also created a $15 million Housing Assistance and Recovery Program Support Fund to support non-profits and public entities that purchase the properties of distressed homeowners and then lease the properties back to the homeowners for up to three years while providing the homeowner with counseling, job training, credit repair and budget guidance, with the goal of enabling the homeowner to buy back the home when he/she has achieved a firmer financial footing.  These programs will go into effect in April, 2009 and all details will be posted on HMFA's website at that time.
Mortgage Mediation Program Created

Launch of the Mortgage Mediation ProgramAlso in January, Governor Corzine launched the Administrative Office of the Courts Mortgage Mediation Program to resolve foreclosure actions by proposing work-out and payment arrangements with the help of neutral mediators that accommodate the circumstances of distressed borrowers and the financial interests of lenders. Homeowners who participate in the program will receive the assistance of trained housing counselors and, if they are eligible, legal assistance will be provided also. Homeowners will receive notices about the program at three separate times throughout the foreclosure process and will be eligible to participate in the program right up until the point of the sheriff sale. Homeowners who are in foreclosure can call 888-989-5277 or visit www.lsnjlaw.org/foreclosure for further information.
Mortgage Assistance Pilot (MAP) Program

Mortgage Assistance Pilot program ("MAP") provides temporary financial assistance to income-eligible New Jersey homeowners who wish to remain in their homes but are in imminent danger of foreclosure due to short term financial problems beyond their control. MAP is administered by the New Jersey Housing and Mortgage Finance Agency ("HMFA") Single Family Programs Division and is funded by annual appropriations from the State Legislature for homelessness prevention. Specially trained HUD certified counselors analyze each homeowner's individual financial situation and attempt to negotiate affordable and sustainable mortgage relief with the homeowner's lender.  If that negotiation yields sustainable mortgage relief, the counselor may submit a MAP application to the HMFA requesting up to $20,000 to cover gaps and costs needed to close the deal between the homeowner and the lender.  MAP funds may be used to cover such items as mortgage payment arrears, back taxes, transaction costs and pre-payment penalties. More
New Jersey Conducts Third Annual Statewide Point-In-Time Survey 
Survey Measures Number of Unsheltered Homeless Families and Individuals
On Wednesday, January 28th, the State of New Jersey conducted the third annual statewide Homeless Point-In-Time Survey. The survey counts the number of unsheltered homeless families and individuals on one day throughout New Jersey communities.
"Homelessness remains a serious problem, one that Governor Corzine is actively trying to combat," said Department of Community Affairs (DCA) Commissioner Joseph Doria.  "This survey will be a useful tool in finding out how many homeless there are in New Jersey.  Once we establish that figure, we can move forward with measures on helping these individuals and families." More
Carbon Market Project - Memorandum of Understanding Signed  

On December 15, 2008 a Memorandum of Understanding was signed between the NJ Housing & Mortgage Finance Agency and MaineHousing.  As a result of this agreement NJHMFA is a contributing member - along with Pennsylvania Housing - to MaineHousing's affordable housing carbon credit initiative.  MaineHousing is leading development of carbon credit certification standards for state Housing Finance Agencies that encourage energy efficiency improvements for low-income housing.  It is anticipated that the sale of these affordable housing carbon credits will allow HFAs to provide lower-interest loans and additional support for energy efficiency improvements than would otherwise be feasible. The Carbon Market Project places Maine, New Jersey and Pennsylvania at the forefront of national carbon initiatives.
Bayonne Community Action Affordable Housing Project

Bayonne Affordable HousingA ribbon cutting was held on December 12, 2009 to celebrate the opening of the Bayonne Community Action Affordable Housing Project at 432 Avenue C in Bayonne, the location of one of the two restored historic buildings that make up this project.  On hand to celebrate were Reverend H. Gene Sykes, of The Bayonne Community Action Project, Inc. (BCAP), DCA Commissioner Doria (who was Bayonne's mayor at the project's inception) and HMFA Executive Director Marge Della Vecchia. Formerly owned by the Bayonne Housing Authority, these buildings will become homes to 18 families. More
Live Where You Work  in the New Year

The Live Where You Work("LWYW") housing and mortgage program is off and running in the new year of 2009. January additions to the program are Morristown and Evesham Township, and we welcome their participation as our partner in creating housing opportunities in the state of New Jersey. Neptune Township is next in line with formal participation scheduled to begin during the second week of February. Also, Carteret, Bayonne, and New Brunswick are scheduled to be added to the group of participating municipalities by the end of February. The program continues to process the applications of ten other cities and towns in the state. In addition the program has meetings scheduled with four other municipalities in New Jersey who are interested in becoming partners in the LWYW program.

During the first week of January the program received 5 mortgage applications for processing, in an effort to assist homeowners in their search for housing.

LWYW is a home mortgage incentive program to provide down payment and closing cost assistance, along with flexible underwriting guidelines, to homebuyers who are purchasing homes in the towns and cities they are employed. Homes must be located in the towns where the buyer/borrower is employed. The LWYW initiative further enhances Governor Corzine's efforts to revitalize and build sustainable communities that will provide a greener environment, access to transportation and affordable housing opportunities for residents.
DCA, HMFA Launch Next Phase of Camden Home Improvement Program 
Home Improvement Funds To Be Available In Camden Neighborhoods
chipCamden City Mayor Gwendolyn Faison, Camden Churches Organized for People (CCOP) Chairman Reverend Willie L. Anderson, and HMFA's Executive Director Marge Della Vecchia joined DCA Commissioner Doria to launch Phase II of the Camden Home Improvement Program (CHIP).
"This is a program that will help residents directly by making money available for 'sticks and bricks, nuts and bolts' improvements to their homes," said Marge Della Vecchia.  "Thanks to the cooperation of the City, the State and the CCOP, residents will be able to put the money to good use."

CHIP provides up to $20,000 in forgivable loans for eligible Camden homeowners to make life safety home improvements.  CHIP began in 2006 as a pilot program and was initiated by Camden community-based organizations.

Phase II will benefit 73 homeowners in the following neighborhoods: Bergen Square, Cooper Poynt, Cramer Hill/Pavonia, Marlton, Pyne Poynt, and Stockton.

CHIP is funded with $5 million from the Economic Recovery Board for Camden, $2.5 million from the Department of Community Affairs, and additional funding from the City of Camden.  Phase I was successfully managed by Cooper's Ferry Development Association who was selected to manage Phase II.  To date for Phase I, work is complete on 90 homes, and 37 homes are in various stages of construction or the application process.  For Phase II, 25 homes are in the application process, and we hope to begin construction in the coming weeks.  Once all three phases are complete, CHIP will benefit about 275 homeowners throughout the City.
Solar Hot Water Training
February 24, 2009  
NJ Judiciary Foreclosure Mediation Program and the Mortgage Assistance Program (MAP) Training
February 25, 2009

QAP Workshop
March 5, 2009 
Green Building Programs Training
March 16, 2009
Microload Homes
March 23, 2009

Tax Credit Compliance/Fair Housing Workshop
April 21-22, 2009
Please check the HMFA website periodically for updated information about these workshops and trainings.
Marge Della Vecchia
Executive Director
"Homefront" is produced and distributed by the New Jersey Housing and Mortgage Finance Agency. HMFA creates and implements programs to advance the rehabilitation, construction, preservation and financing of affordable housing for the State's residents, lenders, developers and contractors. HMFA is the state administrator for federal housing assistance programs and works in cooperation with State, municipal and non-profit agencies. HMFA secures program funding and operating expenses through the sale of taxable and tax-exempt bonds to private sector investors and is not dependent upon funding from the State Treasury.
No State tax dollars were used to design and produce this newsletter.