§ 55:14K-97 — "New Jersey Residential Foreclosure Prevention Program."

New Jersey § 55:14K-97

• Jurisdiction: New Jersey
• Title 55: TENEMENT HOUSES AND PUBLIC HOUSING

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4. a. There is established in the agency the "New Jersey Residential Foreclosure Intervention Program," which shall be subject to the powers of the agency, as designated pursuant to section 5 of P.L.1983, c.530 (C.55:14K-5). The goals of the program are to ensure that: (1) loss mitigation and foreclosure prevention measures are taken on eligible properties; and (2) eligible properties that are vacant and abandoned are purchased and rehabilitated. b. The agency in furtherance of the program may enter into contracts with any person, corporation, or entity which the agency determines to be necessary or appropriate to carry out its responsibilities under P.L.2021, c.34 (C.55:14K-94 et al.). Such contracts shall be subject to the procedures adopted pursuant to section 5 of P.L.2021, c.34 (C.55:14K-98). All contracts entered into in furtherance of the program shall be governed by the laws of the State and shall provide for indemnification of the agency. c. In carrying out the agency's duties under P.L.2021, c.34 (C.55:14K-94 et al.), the agency may employ the consulting services of real estate and loan portfolio asset management firms, property management firms, auction marketing firms, brokerage services firms, appraisers, and such other consultants and employees required in the judgment of the agency, notwithstanding the provisions of Title 11A of the New Jersey Statutes. d. Within 180 days following the enactment of P.L.2021, c.34 (C.55:14K-94 et al.), the agency shall adopt a funding plan for the program utilizing the Foreclosure Intervention Fund established pursuant to section 6 of P.L.2021, c.34 (C.55:14K-99). The agency may directly fund the program through revenue generated by the Foreclosure Intervention Fund. The agency shall have the authority to alter its funding plan as the Executive Director of the agency deems necessary. The funding plan shall include, but not be limited to, program revenue, expected expenditures and projections for the acquisition of foreclosed residential properties or mortgage assets. e. Within 180 days following the enactment of P.L.2023, c.76 (C.55:14K-102 et al.), the agency shall amend the funding plan for the program to incorporate new programmatic elements established pursuant to P.L.2023, c.76 (C.55:14K-102 et al.). The funding plan shall include, but not be limited to, program revenue, expected expenditures and projections for the acquisition and rehabilitation of vacant and abandoned eligible properties or mortgage assets. f. Either directly, or through its foreclosure intervention contractors, the agency may, pursuant to section 5 of P.L.2021, c.34 (C.55:14K-98), purchase eligible properties and mortgage assets in furtherance of the goals described in subsection a. of this section. L.2021, c.34, s.4; amended by 2023, c.76, s.2.