SENATE, No. 2527

STATE OF NEW JERSEY

213th LEGISLATURE

 

INTRODUCED FEBRUARY 2, 2009

 


 

Sponsored by:

Senator DIANE B. ALLEN

District 7 (Burlington and Camden)

Senator RONALD L. RICE

District 28 (Essex)

 

Co-Sponsored by:

Senators T.Kean, Singer, Vitale, Weinberg, Gordon, Redd and Stack

 

 

 

 

SYNOPSIS

     Makes Housing Assistance and Recovery Program effective immediately.

 

CURRENT VERSION OF TEXT

     As introduced.

  


An Act concerning the effective date of the Housing Assistance and Recovery Program and amending P.L.2008, c.127.

 

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

 

     1.    Section 21 of P.L.2008, c.127 is amended to read as follows:

     21.  This act shall take effect immediately, but sections 3 through 5, [sections] section 7 [through 12], and sections [14] 15 through 20 shall remain inoperative until the first day of the third month next following the date of enactment.

(cf: P.L.2008, c.127, s.21)

 

     2.    This act shall take effect immediately.

 

 

STATEMENT

 

     This bill makes the Housing Assistance and Recovery Program (HARP) operative immediately.  As originally enacted, HARP would remain inoperative until April 1, 2009 in order to provide non-profit organizations with a period of time to develop programs meeting the requirements of HARP.  The non-profit organizations, who are the intended recipients of money allocated for HARP, have informed the sponsor that they are currently providing the assistance required under the program to individuals in danger of losing their home to mortgage foreclosure, and the immediate release of HARP funds will enable them to assist many more homeowners.  These organizations do not need additional time to develop their programs and the immediate operation of HARP will enable the non-profits to provide vital assistance to distressed New Jersey homeowners, and help alleviate the stunning foreclosure crisis that is at the heart of the current economic downturn.