Trenton – The Senate today passed two bills sponsored by Senators Troy Singleton and Teresa Ruiz. The bills would change the standards for lending to housing developers during the state of emergency and establish the “NJ Foreclosure Counseling Fund”.
“Meeting the housing needs of our state is a key part of our efforts to make New Jersey a more affordable and more equitable place to live,” said Senator Singleton (D-Burlington). “The common goal of these bills is to improve the opportunities that will help families keep their existing homes and help various developers build much-needed affordable housing in our communities. “
The second bill, S-4263, sponsored by Senator Singleton, would change the distribution standards for eligible loans to housing developers to finance the construction, improvement, reconstruction, renovation or rehabilitation of housing projects during a state of emergency.
The last invoice, S-4277, sponsored by Senators Singleton and Ruiz, would establish the “New Jersey Foreclosure Advisory Fund” in a dedicated account administered by the Department of Community Affairs. Under the bill, funds from the Foreclosure Counseling Fund would go to the HMFA to reimburse qualified counselors for foreclosure prevention services.
“Home foreclosures are extremely stressful for struggling homeowners. Intervening as early as possible can give us a greater opportunity to find a solution that works for both the homeowner and the lender. Preventive measures, such as pre-foreclosure counselors, can work with families to find a repayment route and ultimately keep them in their homes, ”said Sen. Ruiz (D-Essex). “This legislation will ensure that HMFA has the funding to continue the important work of helping New Jersey residents get through this difficult process.”
The bills were passed by the Senate by a vote of (27-12) and (39-0), respectively.