TRENTON – The New Jersey Senate today passed a bill that would expand community-based access to residential properties sold at sheriff sale. The bill, which had previously passed the Assembly, now awaits final approval from Governor Murphy. The legislation adds a residency requirement which ensures that not only is the property serving an immediate, existing need, but also allows for this wealth-generating asset to stay in the community and provide financial security for the family living there. On the bill, Housing and Community Development Network of NJ President and Chief Executive Officer Staci Berger issued the following statement:

“The Community Wealth Preservation Program will play a key part in addressing the state’s affordability crisis. This bill will chip away at the systemic barriers that prevent people from accessing a home, and for building generational wealth. It also allows nonprofit community development corporations, with proven track records of neighborhood engagement, to work with residents to make sure these assets stay locally owned. NJ’s community development sector has the knowledge, capacity, and community connections to assist in providing direct benefits to the community.

“In particular, the Community Wealth Preservation Program gives local residents a chance to expand generational wealth, particularly in Black and Brown communities. Families that own their homes have the assets to create and expand businesses, send their children to college, or build a nest egg for a secure retirement. By expanding generational wealth, we can help lay a foundation that makes our staff an affordable place to call home for generations to come.

“Thank you to Senate President Nicholas P. Scutari and Assemblywoman Britnee Timberlake for their leadership and efforts to help HouseNJ. We urge Governor Murphy to sign this bill into law immediately and help make the homeownership dream a reality for NJ residents in need of an affordable place to call their own.”

About the Housing and Community Development Network of NJ
The Housing and Community Development Network of New Jersey is the statewide association of more than 270 community development corporations, individuals and other organizations that support the creation of affordable homes, economic opportunities, and strong communities. For more information on the Network, visit www.hcdnnj.org.