Shelterforce Interview Also Discusses Efforts to Address Mortgage Crisis
Shelterforce recently posted an in-depth interview with U.S. Senator Robert Menendez. In the interview, Sen. Menendez answered questions about his Preserving American Homeownership Act, the ongoing response to the housing crisis, the Sustainable Communities Initiative, and affordable housing.
In response to a question about the opportunities and challenges around affordable housing that face our state, Sen. Menendez said:
We desperately need affordable housing because you cannot have the workforce that our companies need, the human capital that our companies need, in order to succeed unless you have the affordable housing for those families to live in. And if you don’t have the human capital you’re not going to attract the type of companies that would create economic opportunity and job growth in our state …
I’ve seen actions taken in the state that make me wonder about the commitment to affordable housing by Gov. Christie and his administration. From a federal perspective, we seek to continue to try to enhance the various programs that have fed in to create affordable housing. That’s part of the challenge we have here—being able to try to grow the HUD budget, particularly in affordable housing, is a consistent challenge here.
In February, Sen. Menendez, Chair of the Senate Banking Committee’s subcommittee on Housing, Transportation, and Community Development introduced the Preserving American Homeownership Act, a bill that would help eligible underwater homeowners by creating a program where banks reduce mortgage principal in exchange for a portion of the increased value of the home over time — shared appreciation mortgage.
Click here to read Shelterforce’s entire interview.