New Jersey Housing and Mortgage Finance Agency approves Foreclosure Intervention Program

The New Jersey Housing and Mortgage Finance Agency recently approved the Residential Foreclosure Intervention Program, which will enable qualified nonprofits to rehabilitate vacant or abandoned residential properties and sell them to low-, moderate- or middle-income households. “Vacant and abandoned homes are often purchased by institutional investors to rent back to the community or left to depreciate, adversely impacting neighboring properties,” Executive Director Melanie Walter said. “This program is a testament to the state’s commitment to finding innovative solutions to difficult problems. Instead of allowing those to be the only two potential outcomes, we are going to rehabilitate these properties and get them back into the hands of residents as ownership opportunities.” In conjunction with the Emergency Rescue Mortgage Assistance Program, which has already delivered more than $110 million in relief to prevent foreclosures, the FIP is part of NJHMFA’s efforts to offer communities a wide range of solutions to combat foreclosure contagion and increase the stock of available homes for purchase by low- to moderate income families. To continue reading the rest of the article, please click on the source link below: https://www.roi-nj.com/2023/11/14/real_estate/new-jersey-housing-and-mortgage-finance-agency-approves-foreclosure-intervention-program/