NEWARK, NJ – March 13, 2015 – (RealEstateRama) — Today, U.S. Senators Robert Menendez and Cory Booker announced $1,483,816 in federal funding for the National Foreclosure Mitigation Counseling (NFMC) Program of NeighborWorks America to support housing counseling for New Jersey families and individuals facing the threat of foreclosure and unaffordable mortgage debt burdens.
“This critical funding will help ensure New Jersey homeowners facing foreclosure can get the essential support they need, and have access to the tools and skills necessary to make sure they have a place to call home at the end of the month,” said Sen. Menendez. “Even as our economy is recovering from the financial crisis, too many families and individuals are still struggling, and we must continue building on these preventative counseling efforts to reduce the number of home foreclosures and their impact on New Jersey’s families, communities, and economy.”
“In the wake of the recession, struggling New Jerseyans need all of the support we can provide — especially homeowners working hard to keep their heads above water and stay in their homes,” said Sen. Booker. “This funding will empower families with the tools they need to prevent the devastating loss of their homes, while also strengthening our communities and bringing stability to our housing market.”
New Jersey has the highest rate in the country of homes currently in foreclosure, according to CoreLogic.
The specific awards follow:
STATE HOUSING FINANCE AGENCIES
$ 1,389,316.50 to the New Jersey Housing and Mortgage Finance Agency NJ
$ 69,480.00 to the Affordable Housing Alliance, Inc. NJ
$ 25,020.00 to the Housing Partnership for Morris County, NJ
Congress created the National Foreclosure Mitigation Counseling program in 2007 to help families at risk of foreclosure by connecting them to trained housing counselors. Today’s announcement represents the 9th round of NFMC funding, granting a total of $44.8 million to 25 State Housing Finance Agencies (HFAs), 18 HUD-Approved Housing Counseling Intermediaries, and 68 community-based NeighborWorks organizations. In total, more than 1,100 nonprofit counseling agencies and local NeighborWorks organizations across the country are expected to be engaged in the NFMC Program as a result of these awards. A September 2014 study prepared by the Urban Institute found that homeowners who work with NFMC counselors were nearly twice as likely to cure serious delinquencies or foreclosure and nearly three times as likely to receive a loan modification cure compared to non-counseled homeowners.