NEW YORK, NY July 24, 2008 —As congress moves towards passing a far-reaching package to help the faltering housing market, local New Jersey officials are breathing a sigh of relief. WNYC's Bob Hennelly explains how the legislation would help New Jersey:

The federal aid will be felt in New Jersey on two fronts. Communities hardest hit by the foreclosure crisis will receive aid to buy and rehab foreclosed homes.

That could translate into close to $1OO million for Passaic, Essex, Camden and Salem counties.

Camden, Newark and Edison are ranked in the top 5O most affected communities in the country. And bailout could help some of the remaining 17O,OOO Jersey households trying to find a way out of their current sub-prime mortgages.

For WNYC, I am Bob Hennelly.