The Housing Assistance and Recovery Program (HARP)

This mortgage and foreclosure assistance program, the Housing Assistance and Recovery Program (HARP)  is yet another option to aid families and individuals who face imminent foreclosure. The goal of this assistance is to allow the family to reside in their home while paying affordable rent, and the goal is to eventually allow the homeowner the ability to buy back the property.

The New Jersey Housing and Mortgage Finance Agency (HMFA) (phone 609-278-7400) will provide grants and other financial support through the Housing Assistance and Recovery Program Support Fund. the money will go directly to certain nonprofit as well as public entities, and the funds will be used to allow them to execute lease-purchase agreements with those existing homeowners who currently meet program requirements. There will be a total of $15 million disbursed, and the funds are being provided by the Long Term Obligation and Capital Expenditure Fund. Many of the program criteria are the same as the Mortgage Stabilization Program, such as income limits and more.