east orange, new jersey — This is the homeownership nobody wants — New Jersey often has one of the highest foreclosure rates in the nation.
The new bill will help families keep their homes.
Ezra Turner, 55, knows the pain of losing a home. In 2018, his house in Irvington was foreclosed due to business problems. He didn’t have the power to stop him.
“Once everything was gone, it was just surreal. Wow, we went out and now we’re renting,” he told CBS2’s Christina Fan.
New Jersey consistently ranks among the states with the highest foreclosure rates, at 1 in every 2,564 units.
A coalition of city mayors on Friday urged governors to sign legislation to help families maintain ownership and keep large investors out.
East Orange Mayor Ted Green said: “As mayor, we face calls every day from residents trying to figure out how to keep their homes.
The Community Wealth Preservation Building steps in for families by reducing the required deposit from 20% to 3.5%, giving buyers two extra months to pay what they owe.
Five categories of homeowners, immediate family members of homeowners, non-profit community development companies, and renters and other buyers are eligible to bid, subject to a seven-year commitment to live in the neighborhood You can also.
“You can not only take property out of your home and move on to the next one, but you can take back ownership of property to members of the community who really want to live here,” said Rep. Britney Timberlake. rice field.
Timberlake was one of the co-sponsors of the law, and Governor Phil Murphy’s office said it had expressed concern that businesses could form dishonest nonprofits. But she says the cleanup bill will close those loopholes.
Turner was then able to purchase a home with his mother and son. He says the law would have spared him heartache for a long time.
“This will help a lot of people,” he said.
CBS2 reached out to Murphy, but said his office would not comment on the pending bill.
Christina Huang
