DCA unsure where, how $75M in foreclosure settlement funds will be spent

TRENTON – The Department of Community Affairs commissioner said this morning they do not know where or how the $75 million in foreclosure settlement funds will be spent.

Department officials said they do not have a direct foreclosure program.

“I can’t speculate where those funds will be going,” acting DCA Commissioner Richard Constable told the Assembly Budget Committee.

However, Assemblyman Gary Schaer (D-36) of Passaic, seemed skeptical about that.

“It would seem to me those funds would fall into your department,” he said.

He then asked if the funds would go toward foreclosure relief.

DCA officials then said it was their understanding that the funds will be used for housing-related activities across the departments.

The Office of Legislative Services said the $75 million will go to the general fund.

Earlier story:

DCA chief touts streamlining