In today’s housing market downturn, New Jersey and Arizona are fortunate to have been selected as two of the 19 states to participate in the USDA Guaranteed Single Family Housing Refinance Pilot Program. In New Jersey, many homeowners are struggling to make ends meet especially with high interest mortgage rates. This program, when implemented, can benefit as many as 3000 rural homeowners in the “Garden State.” A healthy and strong housing market is vital to sustaining New Jersey’s current economic recovery.
USDA Housing Administrator Tammye Treviño was in New Jersey earlier this month to facilitate a roundtable meeting on the rural refinance pilot program. Joining Administrator Treviño in these discussions were lenders, credit & housing counselors, Congressional staff, and Rural Development representatives.