U.S. Senators Bob Menendez and Cory Booker today announced New Jersey will receive $325,965,861 in federal funding to support homeowners experiencing financial hardship due to the pandemic. The senators’ secured this funding in the American Rescue Plan that President Biden signed into law last month.

“The COVID-19 pandemic has rocked our economy and left families struggling to make ends meet. Many New Jerseyans fell behind on their mortgage payments and they need all the help they can get as we work to avoid a looming housing crisis across the nation,” said Sen. Menendez, a senior member of the Senate Banking, Housing, and Urban Affairs Committee. “The American Rescue Plan is delivering much-needed funding and resources to states and communities to ensure homeowners and families can keep a roof over their heads. I’m proud to have worked with Senator Booker in securing this funding and will continue fighting for resources our state needs to recover from the pandemic’s economic fallout.”

“In addition to the current health crisis, our state and nation are also experiencing a severe economic downturn that has placed many homeowners and families in distress,” said Sen. Booker. “This new round of funding will stabilize our communities by helping homeowners with mortgage payments and preventing foreclosures. I was proud to join Senator Menendez in supporting the American Rescue Plan that has provided New Jersey with billions of dollars in federal aid.”

The American Rescue Plan included $10 billion for the Homeownership Assistance Fund (HAF), which assists struggling homeowners with mortgage payments, homeowner’s insurance, utility payments and other homeowner costs. The HAF is meant to prevent mortgage delinquencies and defaults, foreclosures, loss of utilities or home energy services, and displacement of homeowners experiencing financial hardship due to the pandemic.