SENATE, No. 8

STATE OF NEW JERSEY

213th LEGISLATURE

INTRODUCED NOVEMBER 13, 2008

 


 

Sponsored by:

Senator RONALD L. RICE

District 28 (Essex)

Senator JOHN A. GIRGENTI

District 35 (Bergen and Passaic)

 

Co-Sponsored by:

Senators Redd and Ruiz

 

 

 

 

SYNOPSIS

Appropriates $12,500,000 from Long Term Obligation and Capital Expenditure Fund and $51,471,000 in federal funds for housing related purposes.

 

CURRENT VERSION OF TEXT

As introduced.


A Supplement to "An Act making appropriations for the support of the State Government and the several public purposes for the fiscal year ending June 30, 2009 and regulating the disbursement thereof, " approved June 30, 2008 (P.L.2008, c.35).

 

Be It Enacted by the Senate and the General Assembly of the State of New Jersey:

 

1. Notwithstanding the provisions of P.L.2008, c.22 (C.52:9H-2.1 et al.), there is appropriated from the Long Term Obligation and Capital Expenditure Fund the sum of $12,500,000 for the following purposes: to the Department of Community Affairs, for a grant in the amount of $2,500,000 to the New Jersey Housing and Mortgage Finance Agency for mortgage counseling; to the Department of Community Affairs for a grant in the amount of $9,500,000 to the New Jersey Housing and Mortgage Finance Agency for foreclosure mediation; and to the Administrative Office of the Courts the amount of $500,000 for foreclosure mediation.

 

2. Upon certification by the Director of the Division of Budget and Accounting in the Department of the Treasury that federal funds to support the expenditures listed below are available, the following sum is appropriated:

 

22 DEPARTMENT OF COMMUNITY AFFAIRS

40 Community Development and Environmental Management

41Community Development Management

02-8020 Housing Services ........................................................

$51,471,000

Total Appropriation, Community Development

$51,471,100

Management ...........................................................

Special Purpose:

 

 

Title III, Housing and Economic Recovery Act of 2008 - Neighborhood Stabilization Program .....

 

 

($51,471,000)

 

 

3. This act shall take effect immediately.

 

 

STATEMENT

 

This bill appropriates $12,500,000 from the Long Term Obligation and Capital Expenditure Fund to the Department of Community Affairs (DCA) and the Administrative Office of the Courts (AOC). The DCA will receive $12,000,000 in grant-in-aid funds to provide mediation and counseling opportunities through the New Jersey Housing and Mortgage Finance Agency. The AOC will receive $500,000 to provide mediation services prior to foreclosure proceedings.

Also, this bill appropriates $51,471,000 in federal funds to the DCA that have been awarded to New Jersey pursuant to Title III of the Housing and Economic Recovery Act of 2008, for the Neighborhood Stabilization Program.