Network Statement on Conditional Veto of  Community Wealth Preservation Program Bill

9/15/2022

Today, Governor Phil Murphy issued a conditional veto on legislation that would advance equity in the foreclosure process by helping residents and neighborhoods protect their homes during sheriff sales, allowing wealth-generating assets to stay in the community and providing financial security for residents. On the governor’s conditional veto, Housing and Community Development Network of New Jersey (the Network) President and CEO Staci Berger issued the following statement:

“We are very disappointed with the governor’s conditional veto of this bill, which is intended to advance equity in foreclosures and help close NJ’s racial wealth gap. The governor does acknowledge that we must protect our state from predatory investors and speculators who are buying up properties, making it harder for our residents to find a home they can afford and contributing to a disparity harming Black and Brown communities. We look forward to working together to address the concerns raised in the conditional veto without any further delay so that NJ residents and community organizations can protect properties in foreclosure and preserve generational, neighborhood wealth.

“We deeply appreciate Assemblywoman Timberlake’s visionary leadership in crafting this innovative policy and her tenacious work to enact it. This bill holds 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. Our work to achieve these goals will continue so that we can HouseNJ and make our state a place everyone can afford to call home”

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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