³Ô¹ÏºÚÁÏ to Receive Additional Support for Hardest Hit ³Ô¹ÏºÚÁÏowners
For Immediate Release:
October 6, 2010
Contact:
Press Office
,
(609) 292-6055
New Funding Means $300 Million for Foreclosure Prevention Initiatives in ³Ô¹ÏºÚÁÏ
The allocation will be distributed to the ³Ô¹ÏºÚÁÏ Housing and Mortgage Finance Agency (HMFA) through the Hardest Hit Fund, a federal foreclosure prevention initiative. The HMFA has designated this funding for the ³Ô¹ÏºÚÁÏ ³Ô¹ÏºÚÁÏKeeper Program, which will launch in January 2011. The program is designed to assist unemployed and underemployed homeowners make their monthly mortgage payments for up to 24 months.
"We're pleased the U.S. Treasury Department has expanded the Hardest Hit Fund initiative, which will serve as a gateway toward stabilizing ³Ô¹ÏºÚÁÏ's housing market," said Department of Community Affairs (DCA) Commissioner Lori Grifa and ³Ô¹ÏºÚÁÏ Housing and Mortgage Finance Agency Board Chairperson. "With this additional federal support, ³Ô¹ÏºÚÁÏ homeowners hardest hit by economic realities will be able to make their mortgage payments and remain in their homes."
Last month, Governor Christie announced ³Ô¹ÏºÚÁÏ would be receiving $112 million in federal Hardest Hit Fund support for foreclosure assistance initiatives. Since the beginning of the economic downturn, foreclosures have skyrocketed nearly 200 percent in the Garden State. To date, one in every 450 homes have received a foreclosure filing in ³Ô¹ÏºÚÁÏ.
"Helping families fight foreclosure is a critical part of our plan to strengthen ³Ô¹ÏºÚÁÏ’s communities and our economy," said HMFA Executive Director Anthony L. Marchetta. "This award will enable the Agency to provide vital resources to ³Ô¹ÏºÚÁÏ homeowners who are struggling to make their mortgage payments or who are at risk of losing their home."
The HMFA, an affiliate of the DCA, was created by the ³Ô¹ÏºÚÁÏ 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 ³Ô¹ÏºÚÁÏ. 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 homebuyers and homeowners. For information on HMFA's existing foreclosure programs, as well as all other HMFA programs, log on to .