I received this press release from Dawn Zimmer today:
ZIMMER PLEDGES TO SET UP HOBOKEN ONE-STOP
ECONOMIC DOWNTURN RESOURCE CENTER
Dawn Zimmer today pledged to set up a Hoboken One Stop Economic Downturn Resource Center as one of her first actions as Mayor. Zimmer said, “I will draw from all the talented professionals we have in Hoboken to assemble a team of volunteers to provide free advice to families going through difficult times and dealing with unforeseen economic circumstances.” Among the volunteers that Zimmer plans to put together will be financial advisors, lawyers and real estate experts as well as medical and mental health professionals.
She noted that every day she hears from Hoboken families that are having serious financial difficulties including people who have suddenly lost their job and are now facing the prospect of foreclosure. Zimmer said, “Hoboken families in all different economic circumstances are facing challenges that would have been hard to envision even a few short months ago. We need to come together as a community and do what we can to assist people going through hard transitions.”
The Councilwoman pointed to one story in Sunday’s New York Times about a Hoboken family who lost a sizable deposit they put down on an apartment they were planning to purchase when due to the current credit squeeze the bank demanded a larger down payment that was out of their reach. The developer declared them in default and kept their deposit. According to the “Times”, this kind of situation is becoming more common.
As Mayor, Zimmer said that she will meet with Hoboken developers to strongly urge them to do “work out plans” for families who put down deposits in good faith and now are facing new unaffordable down payment requirements.
