HMFA Receives $966,407 in Federal Funding to Support Foreclosure Prevention Counseling Efforts

TRENTON, N.J. – May 13, 2010 – (RealEstateRama) — New Jersey Department of Community Affairs’ (DCA) Acting Commissioner Lori Grifa today announced that the New Jersey Housing Mortgage Finance Agency (HMFA) has been awarded a $966,407 federal grant to support foreclosure prevention efforts statewide. The funding will enable participating agencies across the state to provide more foreclosure counseling to households in danger of losing their homes.

“Thousands of people across New Jersey have unfortunately lost their homes to foreclosure. As a result, many have lost their self-confidence and hope in the future,” said Acting Commissioner Grifa. “Since the beginning of the economic downturn, the HMFA has been doing what it can to help those households facing foreclosure. This funding will allow the Agency to continue its efforts and reach more people in need.”

The grant to support the HMFA’s foreclosure intervention efforts was provided by federal funds from the National Foreclosure Mitigation Counseling Program. The Program is administered through a competitive application process by NeighborWorks® America, within guidelines set by Congressional legislation. NeighborWorks® America is an independent, Congressionally-chartered non-profit organization based in Washington, D.C., with a mission to provide access to sustainable homeownership and safe, affordable rental housing.

“I am very pleased to have received this grant award in order to continue the vitally important task of helping distressed homeowners keep their homes,” said HMFA Executive Director Marge Della Vecchia. “There continues to be work to be done. This award will help us to provide needed services to New Jersey residents who are struggling with their mortgages and need help.”

To date, the HMFA has been awarded more than $1.6 million from the National Foreclosure Mitigation Counseling Program and has facilitated the training of over 80 housing counselors from across New Jersey in foreclosure prevention and asset preservation. More than 2,000 homeowners have received foreclosure prevention counseling under this Program.

The HMFA, which is an affiliate of the DCA, was created by the New Jersey State Legislature in 1983 to provide a strong, unified advocate for the production and financing of homeownership and rental housing that is affordable to lower income residents of the State of New Jersey. As part of its mission, the HMFA provides a variety of fixed interest rate mortgages and down payment and closing cost assistance programs to assist prospective homebuyers.

For further information on HMFA programs, please call 1-800-NJ-HOUSE or log on to www.nj-hmfa.com.