1. New Jersey Redevelopment Forum 2013
New Jersey’s Foreclosure Crisis: Current Realities/Future Opportunities
School House Square, Neptune

2. Independent state agency under the Department of Community Affairs
•Mission is to provide safe, decent, affordable housing
•Administer of the low-income housing tax credit program
•Unique Agency in New Jersey – Direct Lender
•No reliance on the state for budget and funds
Yearly economic impact through the funding of multifamily and owner-occupied units
One-time economic impact:
• 2130 Affordable Housing Units
• 4560 Full Time Equivalent Jobs
• $29 million State & Local Tax Revenue
Ongoing annual economic impact:
• 532 Full Time Equivalent Jobs
• $5.4 million State & Local Tax Revenue

3. What HMFA is doing
to combat this problem

4. National Foreclosure Mitigation Program (NFMC): Pre-foreclosure
• Provides an opportunity for homeowners to work with their lender and address
issues prior to filing foreclosure notices.
New Jersey HomeKeeper Program: Unemployment assistance
• HomeKeeper provides financial assistance to New Jersey homeowners who are
now at risk of losing their homes to foreclosure as direct result of
unemployment or underemployment.
• Homeowners may be eligible for up to $48,000 in a 0% interest rate loan for a
period of up to 24 months.
New Jersey Judiciary Foreclosure Mediation Program (NJJFM):
Mediation/Foreclosure Filed
• Designed to resolve residential foreclosure actions by proposing work-out and
payment arrangements, or exit strategies, with the help of neutral
mediators, housing counselors and, if income eligible, free legal assistance. Is
only offered through the state at this time.

5. Mitigation/Pre-foreclosure
National Foreclosure Mitigation Program (NFMC):
• In December 2007, NeighborWorks America was named in the FY 2008
Consolidation Appropriations Act to administer the National Foreclosure
Mitigation Counseling (NFMC) Program in order to provide counseling to
families and individuals facing the threat of foreclosure.
• Provides an opportunity for homeowners to work with their lender and
address issues prior to filing foreclosure notices.
• To date, as a grantee of NeighborWorks America, HMFA has received
$2.5 million in these federal grant funds which is administered to 21
HUD certified counseling agencies (subgrantees) across the state of
New Jersey.

6. Unemployment Assistance
New Jersey HomeKeeper Program:
• HomeKeeper provides financial assistance to New Jersey homeowners
who are now at risk of losing their homes to foreclosure as direct result
of unemployment or underemployment.
• The assistance is in the form of a 0% interest rate, deferred-payment
second mortgage loan.
• The loan proceeds may be used to cover arrearages and/or a portion of
the homeowner’s monthly mortgage payment, including property
taxes, property insurance, and mortgage insurance.
• Homeowners may be eligible for up to $48,000 in assistance for a
period of up to 24 months.
• Homeowners must work with HUD certified housing counselors.