The bill would let people who bid on a foreclosed home put 3.5% cash down — opposed to the 20% needed at a sheriff’s sale — as long as they agree to live in the home for seven years.
to sign a bill they say would boost Black homeownership and chip away at the state’s wealth gap between white and Black families.
The bill’s sponsors, clergy, grassroots housing advocates, and others will be in Orange Tuesday evening to rally for the bill. Get politics news like this right to your inbox with the N.J. Politics newsletter. Add your email below and hit"subscribe"At the time, the Federal Housing Administration refused to insure mortgages in Black neighborhoods in a process known as “redlining,” which deemed the neighborhoods “hazardous.” Meanwhile, the FHA subsidized housing in white neighborhoods which allowed white families to purchase homes and pass that wealth down to the next generation.
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