FOR IMMEDIATE RELEASE                                                   

September 29, 2008

CONTACTS:

Menendez Press Office 202-224-4744

Lautenberg Press Office 202-224-3224

MENENDEZ, LAUTENBERG APPLAUD $64 MILLION FOR NJ COMMUNITIES AFFECTED BY FORECLOSURES

Funding was included in bill responding to mortgage crisis that the NJ Senators helped pass in July

WASHINGTON – New Jersey’s U.S. Senators, Robert Menendez and Frank Lautenberg, today applauded the U.S. Department of Housing and Urban Development’s announcement that it will distribute $64 million to New Jersey communities to help minimize the negative effects of the foreclosure crisis. The Senators helped secure the funding for the Community Development Block Grant Program’s Neighborhood Stabilization Program as part of the landmark housing bill passed in July in response to the mortgage crisis. The grants will be used to help communities purchase foreclosed homes, land and property, demolish or rehabilitate abandoned property, assist low- and middle-income homebuyers with downpayment or closing costs, and manage the use of vacant land.

“Foreclosures don’t just affect the New Jersey family that loses its home, they create a ripple effect that brings down property values in the surrounding communities and eventually results in a tsunami that devastates the overall economy,” said Senator Menendez. “With the landmark housing bill we passed, we recognized that addressing the root cause of our economic crisis helps the entire country, from financial markets all the way down to individual New Jersey families. The $64 million for New Jersey communities we helped provide is one part of the overall solution to help families hold on to their homes and to change the direction of our economy.”

“It is critical we give the Community Development Block Grant program the resources it needs to provide economic support for communities struggling to recover from this mortgage crisis,” Sen. Lautenberg said.  “These grants go a long way in the effort to rehabilitate neighborhoods and ensure that safe and affordable housing is available during these tough times.  I will continue to fight for grants like these that make sure New Jersey families have a place to call home.”

The $64 million will be split between portions for the state government and for certain New Jersey communities:

State
 

Grant Type
 

Recipient
 

Amount

NJ
 

NSP
 

BERGEN COUNTY
 

$2,096,194.45

NJ
 

NSP
 

JERSEY CITY
 

$2,153,431.07

NJ
 

NSP
 

NEW JERSEY STATE PROGRAM
 

$51,470,620.45

NJ
 

NSP
 

NEWARK
 

$3,406,848.62

NJ
 

NSP
 

PATERSON
 

$2,266,640.83

NJ
 

NSP
 

UNION COUNTY
 

$2,601,754.89

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