Two New Foreclosure Prevention Programs Enacted

Furthering 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.

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

A 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.

 
Camden 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.