NJHMFA Foreclosure Intervention Program Provides New Housing Opportunities for First Time Homebuying Families

TRENTON, NJ - At its July board meeting, the New Jersey Housing and Mortgage Finance Agency (NJHMFA) Board approved a financing commitment to support the acquisition and rehabilitation of two South Jersey homes through its award-winning Foreclosure Intervention Program (FIP). Upon the completion of the rehabilitation, the two properties will be sold to first-time homebuying families, ensuring that these properties, which have gone through the foreclosure process, are returned to family ownership, rather than remaining vacant or being purchased to rent.

The two single-family homes in Woodbury and Mount Holly are being rehabilitated by the nonprofit organizations Safeguard Group and Light Company, respectively. The 2,622-square-foot Woodbury property was originally built in 1840, has four bedrooms and two bathrooms, and is located on a quarter-acre lot, while the Mount Holly property is a 1,650-square-foot colonial-style townhome built in 1988 featuring three bedrooms and two-and-a-half bathrooms.

"This investment is creating incredible home ownership opportunities for families that otherwise may not exist. Properties like the ones that are being rehabilitated through our Foreclosure Intervention Program would be difficult for families to otherwise access," said NJHMFA Executive Director Melanie R. Walter. "Through this investment, we are partnering with mission-driven organizations to restore these properties and put them back into the hands of families."

As a condition of the funding, the home must be sold to a household earning no more than 120 percent of the Area Median Income (AMI), based on the U.S. Department of Housing and Urban Development's median family income limits.

Interested buyers for the property should contact the non-profits who are currently undertaking the rehabilitations. First-time buyers should explore NJHMFA's Down Payment Assistance Program for a program that may assist in purchasing these, or other, homes: https://www.njhousing.gov/homebuyers-and-renters/.

The Residential Foreclosure Intervention Program helps nonprofit organizations acquire, rehabilitate and return foreclosed or abandoned residential properties to productive use. By restoring existing housing stock and making homes available to income-qualified buyers, the program supports neighborhood stabilization while expanding affordable homeownership opportunities throughout New Jersey.

These properties will be the 18th and 19th to be restored for homeownership through this program. Nonprofits interested in seeking to rehabilitate properties through the FIP are encouraged to visit https://www.nj.gov/dca/hmfa/consumers/nonprofits/ or reach out to [email protected] for more information.

About Us: The New Jersey Housing and Mortgage Finance Agency (NJHMFA) advances the quality of life for residents of and communities throughout New Jersey by investing in, financing, and facilitating access to affordable rental housing and homeownership opportunities for low and moderate-income families, older adults, and individuals with specialized housing needs. To learn more about NJHMFA, visit: njhousing.gov