Senator Girgenti in the News
Girgenti Measure Helps Families In Foreclosure
December 01, 2008
TRENTON –Legislation sponsored by Senate Assistant Majority Leader John A. Girgenti, to assist homeowners who are in the foreclosure process was enacted on Monday December 1, 2008.
The enacted bill, S-8, appropriates $12.5 million from the Long Term Funding Obligation and Capital Expenditure Fund to the Department of Community Affairs (DCA) and the Administrative Office of the Courts (AOC). The DCA will receive $12 million in grant-in-aid funds to provide mediation and counseling opportunities through the New Jersey Housing and Mortgage Finance Agency, and the AOC will receives $500,000 to provide mediation services prior to foreclosure proceedings.
“This bill is part of a multi-bill package aimed at providing an economic stimulus and relief at a time of national economic crisis,” said Senator Girgenti, D-Bergen and Passaic. “By investing some State funds we can get over $51 million in federal money to help those facing foreclosure. The combined funding will go along way toward helping families in New Jersey.”
In addition to the state appropriation of funds allocated to the Department of Community Affairs and the Administrative Office of the Courts, a federal appropriation of $51,471,000 from Title III of the Housing and Economic Recovery Act of 2008 will be also allocated to the Department of Community Affairs as part of its neighborhood stabilization initiative.
“The foreclosure crisis that we are experiencing in this State has reached endemic proportions,” said Senator Girgenti. “We must approach this increased homeowner attrition through pragmatic, sensible, and expeditious legislation. I believe that this measure is a crucial step in addressing the very serious implications of this economic devastation.”