New Jersey gets $64M from feds for foreclosure crisis

Lawmakers in Paterson announced Tuesday how $64 million in federal aid will be used alleviate the foreclosure crisis in New Jersey.

Plans were discussed that will hopefully stabilize neighborhoods.

"Funds will be used to acquire foreclosed properties like rehabilitation, construction, demolition and to construct new housing," says Paterson Mayor Joey Torres.

Approximately 68,000 New Jersey families have lost their homes in only 18 months.

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