(DELRAN)- State Assemblymen Jack Conners and Herb Conaway, MD, today reported that the New Jersey Department of Community Affairs will be allocating $2 million to Willingboro Township and $1,672,675 to Burlington City to help reduce neighborhood blight and create affordable housing. The two are the towns hardest hit in the 7th legislative district by the nationwide housing crisis.
Funded by the federal government, the Neighborhood Stabilization Program provides funds that can be used to stabilize neighborhoods experiencing the negative effects of the subprime mortgage crisis and the general economic downturn. As a component of the Housing and Economic Recovery Act of 2008 (HERA), the program identified Willingboro and Burlington City as towns that are distressed by foreclosures and statistically at risk of continued market deterioration. Funds from the Neighborhood Stabilization Program can be used for property acquisition, demolition, rehabilitation and for the creation and operation of land banks, in any combination, to spur neighborhood recovery.
“Every town we represent has been affected by the financial crisis,” said Conaway (D-Burlington), who practices medicine in Willingboro. “However, these two towns have been hit in such a way that threatens their entire communities. Many homeowners in these towns were victims of predatory sub-prime lenders who took advantage of homeowners. This funding will help these two communities get on the road to recovery as soon as possible through substantial rehabilitation efforts.”
Governor Jon S. Corzine announced today that a total of $49.4 million in Neighborhood Stabilization Program (NSP) funds would be distributed across New Jersey. Nationally, $2 billion was appropriated as part of the federal stimulus package, with funds allocated competitively to States and communities which meet the aforementioned criteria.
“This funding will provide much needed assistance in stabilizing blighted neighborhoods in Willingboro and Burlington City and will enable each municipality to create affordable homes in those areas most in need of renewal,” said Conners (D-Camden). “In these difficult times for our State, it is important that we are able to harness federal funds to spur the recovery of those communities most affected by the financial crisis.”
For their part, the local governments benefitting from the funds expressed gratitude and a desire to put the funding into action right away. "We look forward to using these funds as part of ongoing revitalization efforts in Burlington City," said Mayor James Fazzone. "Thanks to the efforts of the Assemblymen, we can now build on the success of the recent Lyceum Hall renovation and continue to improve our community by rehabilitating homes and businesses, and make our City a better place to live, work and visit."
“I am excited that Willingboro”s application for a neighborhood stabilization grant has been approved for $2 million dollars. We, like many communities, have been greatly affected by the drastic economic changes throughout New Jersey and Nationwide,” said Mayor Jacqueline Jennings of Willingboro. “These funds will help provide us the wherewithal to acquire and redevelop foreclosed and abandoned properties, and more positively, to revitalize and restore our community."
The federal funding coincides with a comprehensive statewide effort supported by Assemblymen Conaway and Conners to address the nationwide economic crisis, as well as local efforts to help homeowners in danger of foreclosure. To that end, the Assemblymen remind all homeowners that the State provides guidance for homeowners at risk through the Home Ownership Preservation Effort, which may be reached by using the ‘Hope’ Hotline at 1-888-995-HOPE. For homeowners already in foreclosure, mediation may be available at http://www.nj.gov/foreclosuremediation or 1-888-989-5277.