2A:50-82 "New Jersey Foreclosure Counseling Fund" established.

281 words·~1 min read·/nj/title-2a/chapter-50/2a-50-82

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2. a. There is established in the General Fund a separate, non-lapsing, dedicated account administered by the Department of Community Affairs to be known as the "New Jersey Foreclosure Counseling Fund."

b. The funds within the New Jersey Foreclosure Counseling Fund shall be paid to the New Jersey Housing and Mortgage Finance Agency no later than the 15th day of each quarter to reimburse trained foreclosure prevention and default mitigation counselors for costs expended thereby in:

(1)providing pre-foreclosure counseling services in accordance with guidance established by the New Jersey Housing and Mortgage Finance Agency and for the agency's services required under P.L.2019, c.64 (C.2A:50-74 et seq.); and

(2)providing, to homeowners and renters who have been impacted by real property damage to, or destruction on, their primary residence, as a result of an event that prompted the Governor or the President of the United States to declare a state of emergency or issue an emergency disaster declaration, assistance in the preparation and submission of applications for housing related expenses, including, but not limited to:

(a)rental payments;

(b)mortgage payments;

(c)insurance payments;

(d)property tax payments; and

(e)repair, rehabilitation, or relocation assistance payments that have been made available, by the State or federal government, in response to the declared emergency or disaster.

c. The New Jersey Housing and Mortgage Finance Agency may assess up to five percent of New Jersey Foreclosure Counseling Fund's annual allocation amounts for administrative costs.

d. For purposes of this section, "trained foreclosure prevention and default mitigation counselors" shall have the same definition as in section 2 of the "New Jersey Foreclosure Mediation Act," P.L.2019, c.64 (C.2A:50-75).

L.2021, c.373, s.2; amended 2023, c.123, s.2.