Addiego, Rudder & Brown

February 22, 2012   

Contact: Robbie Kenney / (609) 654-1498
District 8

Senator Dawn Marie Addiego, Assemblyman Scott Rudder and Assemblyman Chris Brown (all R-8) have introduced legislation that will breathe life into the economy and help more New Jersey families become homeowners.

“In today’s environment, FHA is the No. 1 loan program in the country. There are first-time buyers who are ready to purchase condos and townhouses, but FHA is the only entity that will let you put down 3 percent to buy a house,” said Senator Addiego. “Without timely cooperation from the associations, these mortgages can not be approved, and the sale falls through.”

This legislation (Assembly Bill 2592) requires condominium and homeowners’ associations to cooperate with federal home loan insurance provides by responding fully and expediently to any questionnaires or other requests for information, and providing such materials at no cost to potential buyers.

“Right now, too many Homeowner Associations are dragging their feet, creating an obstacle that is strangling the market place,” said Assemblyman Brown. “Our bill removes some of the hurdles restricting home sales and restricting the economic recovery.”

According to New Jersey economist Jeffrey Otteau, every first-time homebuyer results in five more transactions up the real estate chain.

“Opening this segment of the market to buyers who don’t qualify for conventional financing allows condo owners to sell their units and move into single-family homes,” said Assemblyman Rudder. “This bill will help get real estate moving again. Without real estate growing, we will not have meaningful job creation in New Jersey.”

“When homes change hands, good things happen in the community. It adds $20,000 of economic infusion into the local economy every time some moves into a new home,” said Assemblyman Brown. “Money is spent on decorating, furnishings and carpet, landscaping and upgrades. We have legislation that energizes neighborhoods, stabilizes families in their own home, and helps put people to work.”

Senator Dawn Marie Addiego, Assemblyman Scott Rudder and Assemblyman Chris Brown (all R-8) have introduced legislation that will breathe life into the economy and help more New Jersey families become homeowners. “In today’s environment, FHA is the No. 1 loan program in the country. There [...]