NJ Housing and Community Development Association Applauds Advancement of Legislative Initiatives to Close Racial Wealth Gap

12/11/2023

Today, the New Jersey Senate and Assembly advanced two policy initiatives aimed at closing NJ’s racial wealth gap. The first, which strengthens enforcement against real estate appraisal discrimination, passed the Senate and now awaits Assembly action. The second was voted favorably out of the Assembly Commerce and Economic Development Committee. The Community Wealth Preservation Program advances equity in the foreclosure process by helping families and community development organizations to be more competitive during sheriff sales, allowing wealth-generating assets to stay in the community and providing financial security for residents. On today’s legislative action, Housing and Community Development Network of New Jersey (the Network) Directory of Policy and Advocacy Matthew Hersh issued the following statement:

“We applaud NJ legislators for taking steps towards breaking down disparities that have harmed NJ’s Black and Brown communities. Racial bias in property appraisals and leaving our communities open to predatory investors have had a negative impact on our residents and our state’s economy. Together, these bills hold tremendous promise to provide affordable homes, expand health security and financial stability, stem foreclosures, close the racial wealth gap, and to reinvest directly into our neighborhoods.

“Securing historic and essential housing investments and removing systemic barriers that prevent access to affordable homes is central to our HouseNJ campaign which aims to make our state a place everyone can afford to call home. We urge the members of the Assembly to vote in favor of these bills and send them to Governor Murphy without further delay.”

About the Housing and Community Development Network of NJ
The Housing and Community Development Network of New Jersey is the statewide association of more than 270 community development corporations, individuals and other organizations that support the creation of affordable homes, economic opportunities, and strong communities. For more information on the Network, visit www.hcdnnj.org.

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