Pallone Applauds Treasury Department Funds to Prevent Foreclosures and Stabilize NJ Housing Market

WASHINGTON, D.C. – (RealEstateRama) — Congressman Frank Pallone, Jr. (NJ-06) applauded the allocation of more than $45 million through the Hardest Hit Fund to the state of New Jersey to help stabilize the housing market and prevent foreclosures. The Hardest Hit Fund was created in 2010 to provide targeted assistance to 18 states and the District of Columbia deemed hardest hit by the economic and housing market downturn.

The resources will be given to the New Jersey Housing and Mortgage Finance Agency’s New Jersey HomeSaver Program, which offers counseling and financial assistance to bring down monthly mortgage payments or allow for refinancing.

In data released last year, New Jersey had the highest rate of Zombie foreclosures in the nation. Zombie foreclosures take place when homeowners vacate a residence prior to a bank repossessing the property. With the home unoccupied the property often falls into disrepair and becomes a targets for criminals, endangering home values throughout the neighborhood.

“I was proud to support the Hardest Hit Fund in Congress and am pleased that these funds are contributing to New Jersey’s economy recover,” said Pallone. “Thousands of New Jersey families suffered greatly during the great recession through no fault of their own and the Hardest Hit Fund will help ensure that more New Jerseyans can stay in their homes. A stable housing market is essential to the American Dream and we need to continue to work to make sure that home ownership is within reach for working families.”

The latest funding brings the Hardest Hit Fund total assistance to $9.6 billion for 18 states and the District of Columbia. New Jersey has received more than $400 million in total as part of the program. For more information on the latest round of HHF funding information please refer to theTreasury HHF page.

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