City of Newark Examines Foreclosure Crisis
State government holds key to success in Newark, says Network


The Newark City Council hosted a hearing on Newark foreclosures today at City Hall. Having worked closely with the state legislature on addressing New Jersey's foreclosure crisis, Housing and Community Development Network of New Jersey (the Network) Policy Coordinator Arnold Cohen testified before the committee and later issued the following statement:

"The Network and our members have been working with the city over the last three years to help address the vacant and problem property issues plaguing Newark's neighborhoods. It is great that our city’s leaders are engaged in solving the foreclosure crisis. We wish the same could be said at the state level.

"New Jersey is doing much worse than the rest of the nation in addressing the foreclosure crisis. Governor Christie has not helped when we needed it most, diverting money intended for foreclosure assistance in order to fill budget gaps and vetoing legislation that could make a sustainable impact.

"Newark is on the right track; we need the state to get on board. Our economy will never thrive if our neighborhoods are plagued with foreclosed, vacant and abandoned properties. We need programs that help reduce the overall mortgage costs and work closely with homeowners and tailor solutions to meet their needs. Struggling homeowners deserve the same passion from Governor Christie as he has given for tax cuts for those making up to $400,000."

The Housing and Community Development Network supports New Jersey’s community development sector, collaborating with more than 250 members including community development corporations and other organizations to create affordable homes, expand economic opportunities, and build strong communities. For more information on the Network, visit

For more information: Nina Arce
Housing & Community Development Network of NJ
(609) 393-3752 x12
[email protected]
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