Funds to Help Support Foreclosure Prevention Counseling Efforts
TRENTON, N.J. – March 10, 2008 – Along with Housing and Mortgage Finance Agency (HMFA) Executive Director Marge Della Vecchia, New Jersey Department of Community Affairs’ (DCA) Commissioner Joseph Doria today announced that HMFA has been awarded $984,523 from the National Foreclosure Mitigation Program. HMFA will be administering the funds to non-profit housing counseling agencies throughout the state to enable them to provide more foreclosure counseling than ever before to area homeowners in danger of losing their homes.
“Families and communities across New Jersey are facing huge difficulties as a result of the boom in sub-prime mortgage lending and the prognosis for the year ahead does not look good,” said Commissioner Doria. “These funds awarded by Congress will provide a much needed boost to New Jersey homeowners in danger of foreclosure.”
Approved by Congress in the FY08 Consolidated Appropriations Bill, the National Foreclosure Mitigation Counseling Program is administered through a competitive application process by NeighborWorks® America, within guidelines defined 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.
“In their hour of need, more and more New Jerseyans are turning to housing counseling agencies to help them make sense of their financial situations,” said Marge Della Vecchia. “This grant will provide vital support to the housing counseling agencies that are on the front lines of this crisis.”
The HMFA 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.
