Simply put, in this era and state of high housing costs, the aimis to "help families reach the goal of home ownership," accordingto Kenny. Also part of the agenda is to provide a spark for Gov.Christie Whitman's administration's efforts to revitalize thestate's long-downtrodden urban centers. The strong economy has madethings easier, but other than in Jersey City and along the HudsonRiver waterfront, urban housing has been the weak link.

Most of the money will go directly to potential homeowners inthe form of low-interest mortgages. Both the Dream Come TrueStatewide Mortgage Program and the Too Good, But It's True MortgageProgram will fund mortgages with a fixed 5% interest rate. Thelatter program is specifically aimed at buyers in designated urbanneighborhoods in Asbury Park, Camden, Elizabeth, Dover, Irvington,Jersey City, Long Branch, Neptune, Newark, New Brunswick, PerthAmboy, Plainfield, Pleasantville, Trenton and Vineland.

Money has also been set aside for the next phase of the UrbanHome Ownership Recovery Program, according to Kenny. She adds that"$5 million in subsidy funds will be made available immediately.Since the funding was first made in 1996, this program has financedmore than 2,200 homes in 21 urban areas. This program works tostabilize urban neighborhoods by bringing homeownershipopportunities back in the cities."