By Dustin Tyler Joyce
March 24, 2008

Conference President Trenton Mayor Douglas H. Palmer welcomed citizens to the Trenton Saves Open House, held at Thomas Edison State College on March 15. The event, sponsored by Palmer’s local foreclosure task force, offered residents a variety of information, services, and resources on financial planning, ways to save energy costs and protect the environment, and how to avoid foreclosure.

“The point of this open house is to provide resources and information our residents can use now for financial planning and to preserve their homes from foreclosure,” Palmer explained. The open house and task force are part of Trenton’s response to the national mortgage crisis that has affected as many as 1,400 homeowners locally.

The mayor, Neighborhood Assistance Corporation of America (NACA) National Operations Director Donovian Duncan, NeighborWorks America Northeast Region Director Deborah Boatright, officials from local utility PSE&G (which is playing a lead role in the Trenton Green initiative), workshop presenters and representatives from more than a dozen organizations were on hand to provide a workshop series and private counseling for those in attendance.

NeighborWorks America presented a workshop on outreach resources for faith-based and nonprofit groups. Isles, Inc., and the American Credit Alliance each presented a seminar on credit and offered credit counseling. Commerce Bank and NACA hosted information sessions on foreclosure, while PNC Bank offered a session on money-management techniques.

With this year’s tax-filing deadline fast approaching, the Greater Trenton Earned Income Tax Credit and Asset Building Coalition was on hand to help eligible attendees claim the EITC. Representatives were also present from the New Jersey Housing and Mortgage Finance Agency and Chase, Countrywide, Wachovia, and Wells Fargo.

These organizations and financial institutions, members of Palmer’s foreclosure task force, have been tasked to help the city approach the mortgage crisis from a new angle, the mayor explained.

“In recent weeks I have asked our foreclosure task force to break the mold. We need to find new ways to help our residents restructure their loans so that they can keep their homes,” Palmer said.

The city’s efforts have included:

• working with NACA to open a downtown Trenton office to provide homeownership and foreclosure-prevention counseling;

• public-service announcements; and

• working with pastors, city council, and civic associations to spread the word.

“Truly, there is no shame in trying to save your home,” Palmer said.