Assemblyman Jerry Green is the longest-serving member of the New Jersey General Assembly, where he is Speaker Pro Tempore, Chairman of the Housing and Community Development Committee, and a member of the Health and Senior Services Committee. He is also Chairman of the Union County Democratic Committee.
Holley Bill to Help Residents Participating in Homeowner Assistance and
Recovery Programs Clears Assembly Panel
– Legislation sponsored by Assembly Democrats Jerry Green and Jamel Holley to
make it easier for not-for-profits to help families facing home foreclosure was
recently approved by an Assembly Panel.
process can be streamlined for homeowners who have help from a church or
another not-for-profit organization to save their homes from foreclosure,” said
Green (D-Middlesex, Somerset, Union). “In these cases, the transfer of
ownership is temporary. The home will return to the ownership of someone who
lives in the home.”
intention of the bill is to exempt certain sales of residential property to a
purchaser operating as a housing assistance and recovery program (HARP) form
the payment of realty transfer fees. Under a HARP, a not-for-profit entity,
such as a church organization, partners with a back to rescue homeowners in
danger of foreclosure eviction. The not-for-profit entity works with the
mortgage holder to purchase the property and then leases the property back to
the original homeowner at an affordable rent.
many New Jersey residents are seeking help to save their homes from foreclosure
and more time to climb out of financial difficulty,” said Holley (D-Union). “If
not-for-profit organizations are able to help homeowners facing foreclosure
then they should be allowed to help. The state can help by easing a bit of the
red tape involved in the process.”
bill states the goal of HARP is to help financially strengthen the homeowner
within a seven-year period, and then resell the property back to that
homeowner, or member of the family living with the homeowner. The purpose of
the sale or transfer to the HARP is to stop foreclosure or eviction
proceedings; therefore, it does not make sense to charge a realty transfer fee
because the property will be returned to the seller.
discourage fraud, if the property is sold to someone other than the original
seller, or a person residing with the seller, then an amount equal to twice the
realty transfer fee would be collected at the time of that subsequent sale.
bill was released by the Assembly Housing Committee, of which Assemblyman Green
is chair. Identical legislation was approved by the Senate in June.