CONTACT:
Kevin
Rabago
Office
of Development & Planning
(856)
451-3407
FOR IMMEDIATE RELEASE
Bridgeton NJ- They say the
third time’s a charm and that certainly was the case today as Bridgeton Mayor
Albert B. Kelly, along with Council President Gladys Lugardo-Hemple and a host
of other VIP’s, welcomed NJ Senator Cory Booker back to the County Seat for the
third time in six months as part of Mr. Booker’s announcement that HUD and FHA have agreed to
include roughly 600 Cumberland County mortgages in the Distressed Asset
Stabilization Program (DASP) to provide relief to homeowners facing foreclosure.
The program, already in
counties directly impacted by Hurricane Sandy, is one that Mr. Booker fought
to bring to Cumberland County as a way to mitigate not only the more recent impacts of Hurricane Sandy,
but the distress brought on by the housing crisis dating back to 2009.
Under DASP, approximately 600
FHA insured mortgages in the county- with borrowers severely delinquent on
loans and facing foreclosure- will be part of a loan pool to be offered for
sale in a June auction by FHA. Investors will bid on the loan pool with the end
result being an opportunity for borrowers to stay in the home, work with the new loan-servicer on affordable refinancing options, and move out of default.
Aside from the relief that
the program will bring to these borrowers; it also has a direct
impact on neighborhood stabilization; which those in attendance see as critical to the cycle
of property abandonment that destroys once vibrant neighborhoods throughout the county.
“It’s critical that we
have as many tools as possible to deal with the housing situation not only here
in Bridgeton, but throughout Cumberland County. Senator Booker raised our issues in
Washington to make sure that Cumberland County was included and I was delighted
to be able to welcome him back for this important announcement” Kelly said.
In January, Senator Booker came to
Bridgeton to meet with Mayor Kelly, Freeholder Director Joe Derella, and area residents
to discuss the impact of Washington’s decision to halt benefits to the long
term unemployed; an issue that Mr. Booker addressed in his maiden speech on the
floor of the U.S. Senate.
“It’s important that our
representatives in Washington know how policy affects people at the grassroots level.
Senator Booker has always made a point of staying informed on our issues and today was another
example of that” Kelly said. “Part of my job as mayor is to help him do that
whenever possible, Kelly added.
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To learn about the
City of Bridgeton, please visit www.cityofbridgeton.com
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| Bridgeton Mayor Albert Kelly looks on as NJ Senator Cory Booker announces HUD/FHA mortgage relief program |
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| Mayor Kelly and Senator Booker speak with constituents after April 17th press conference |
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| Senator Cory Booker, Mayor Albert Kelly, and Assemblywoman Celeste Riley discuss County issues |
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| Mayor Kelly gives brief remarks ahead of Senator Bookers announcement on the HUD/FHA loan pool program |