Jersey City is stealing 95% of these homeowners proceeds.
Jersey City is stealing 95% of these homeowners proceeds.
Why this petition matters
OPEN LETTER TO THE RESIDENTS OF JERSEY CITY
Can you imagine if your 80 year old grandmother was forced to live in and maintain a property because if she sells it, she will loose approximately $308,750 of the proceeds?
Well believe it…here in Jersey City residents were SOLD Affordable Housing between 1992-1995 and the City is now stealing 95% of these homeowners profits after the first $150,000 of the proceeds.
Most of the homeowners are senior citizens now and are stuck trying to maintain these properties.
Their homes are almost completely paid off and worth up to $650,000.
Now let’s use that number $650,000.
Say there is a $25,000 mortgage remaining.
$650,000 - $25,000 = $625,000
$625,000 - $150,000 = $475,000
$475,000 – 95%
JERSEY CITY STEALS $451,250
The homeowner receives a total of $173,750.
Now I’m no mathematician and I might be crazy but this sounds outrageous to me.
Please sign this petition to have this practice removed from ALL affordable housing units sold in Jersey City.
Wake up. Stand Up. Care.
Decision Makers
- Jersey City Residents