Mayor Torres

Monday, December 15, 2008

Jose "Joey" Torres, the mayor of Paterson, NJ, explains how his city is weathering the financial crisis.


Jose "Joey" Torres

Comments [5]

Barbara Dunn, executive director Paterson Habitat from Paterson, NJ

Habitat for Humanity has built over 200 homes in Paterson-- 180 of them in the 1st Ward. In our almost 25 years of building in Paterson, we've only had 2 foreclosures. Clearly well managed affordable housing programs can be successful in giving homeownership opportunities to low-income families.

What's tragic about the current foreclosure and abandoned properties situation is that we have homes that need occupants and residents that need decent, affordable housing. The credit crisis (as demonstrated by personal debt burden which results in applicants being poor credit risk by reputable lending institutions) is the main reason for this disconnect. Habitat's self-financing with our own zero percent mortgages (made possible by generous donations from individuals, churches and businesses) means homes we've built have not been lost to predatory lending or subprime mortgages.

Dec. 15 2008 09:59 PM
Adam Nelson

Are there any plans to create parkland and permanent open spaces as part of a beautification and well planned urban renewal project requiring minimum money (i.e. planting trees rather than building unnecessary houses).?

Dec. 15 2008 11:21 AM
NWP from Greenwich

Foreclosure is like issuing speeding tickets. When you drive by and see a driver being issued a summons, you slow down.
If we hired ten times as many police and stopped and ticketed EVERY driver over the limit, we would not be able to get anywhere because the roads would be blocked with pulled over drivers.
The current situation with foreclosures is like the second case with an unannounced lowering of the limit by half.

Dec. 15 2008 11:14 AM

foreclosures by immigrant status?

i don't live in patterson but in another immigrant area (not african american but spanish and arab spkng).

ALL those who moved from their homes b/c of financial reasons returned to their home countries.

Is this so there too?

Dec. 15 2008 11:09 AM
Anonymous from Paterson, New Jersey

I'm an employee at Passaic County Community College in Paterson, and it seems to me that the area around the college and downtown is experiencing something of a boom in construction. Hopefully the new businesses being erected will help revitalize this wonderful, diverse city's economy.

Dec. 15 2008 11:06 AM

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