Governor Jon S. Corzine has proposed a financial aid program for New Jersey that includes an assistance package for those facing foreclosure.
Corzine, Democratic presidential candidate Barack Obama's economic spokesman, has offered home heating assistance and mortgage to homeowners affected by the economic crisis and facing foreclosure threat.
His plan is aimed to boost the economy of New Jersey and provide assistance to businesses and residents during the national economic recession.
The financial rescue plan contains proposal to direct $150 million federal funds to prevent property foreclosures and for neighborhood assistance programs. Corzine proposes to allocate $50 million funds to be used by owners who are having difficulty meeting their home mortgages to avoid foreclosure.
The proposed $50 million funds will also be used by community groups in areas severely affected by the housing crisis to help them buy vacant houses and lease them to residents who have low income.
Under the plan, Corzine proposes a 30-day implementation mediation program in seven counties with highest foreclosure rates. The rest of the counties will have a 60-day implementation period.
Furthermore, Corzine offers a supplemental fund of $9 million to New Jersey’s Legal Services, which provides bankruptcy, foreclosure and repossession counseling to poor residents.
Other proposals in the financial rescue plan are:
Investments in clean energy, including solar and wind
Offering businesses a $3,000 financial incentive for each full-time employment they create and retain for a year.
Expansion of property tax breaks for older residents by increasing the $53,000 income limit to $80,000. This program will allow eligible senior citizens to save $1,000 annually.
Investment of $500 million from New Jersey's pension funds to encourage lending in community banks.
Appropriating $3 million to boost food stocks.
Fast-tracking school construction and public work projects.
Corzine plans to fund his financial rescue program, including the foreclosure mediation, by making cuts in state government budget.
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