For Immediate Release:
September 14, 2004

NJAR^® Announces New Housing Opportunity Foundation

Foundation Officers Present Check to NJ Community Loan Fund

(Edison, NJ) The New Jersey Association of REALTORS^® (NJAR^®) has announced the formation of the NJAR^® Housing Opportunity Foundation, Inc. (NJARHOF). NJARHOF is a nonprofit 501 (c) (3) charitable organization whose mission is to create more opportunities for home ownership in New Jersey. The Foundation will make that happen by giving funds to other 501 (c) (3) organizations throughout the state that provide home buyer education, develop public awareness and create affordable home ownership options for working New Jerseyans.

"Real estate and home ownership go hand in hand and the Housing Opportunity Foundation allows our 47,000 members to help others secure the American Dream. The pride felt by first time home buyers makes this program one of the most important demonstrations of NJAR^®'s renewed commitment to our community," said NJAR^® President Charles Oppler.

NJARHOF was conceived by the New Jersey Association of REALTORS^® Housing Opportunity Task Force last year. In September 2003, the NJAR^® Board of Directors approved the Foundation and earmarked funds for housing opportunity.

Today, NJARHOF President and NJAR^® Immediate Past President Christina Clemans presented the Foundation's first contribution to the New Jersey Community Loan Fund (NJCLF) in the amount of $47,252. The dollar amount represents one dollar for each member of the Association.

"REALTORS^® are concerned about the availability of safe, decent and affordable housing for our state's residents," said NJARHOF President Christina Clemans. "Through the Foundation we will be able to pool our resources and partner with other organizations, like the Community Loan Fund, to help New Jersey families experience the joy of owning their own home."

NJCLF Managing Director Amanda Blagman and Chief Operating Officer Lori Perkins accepted the check on behalf of the New Jersey Community Loan Fund. The Foundation's contribution will go to NJCLF's Neighborhood Development Initiative Predevelopment Loan Partnership Program. The Neighborhood Development Initiative provides predevelopment funds for affordable housing developed by nonprofit and community-based organizations.

"We are pleased to be working with the NJAR^® Housing Opportunity Foundation," said NJCLF Managing Director Amanda Blagman. With their first hand knowledge of the community, REALTORS^® are a great resource for identifying housing needs within the community. We look forward to building this relationship."

Contribution forms are available on the NJAR^® web site at www.njar/njarhof.shtml. Donations in any amount are welcome. Contributions can be mailed to: NJAR^® Housing Opportunity Foundation, Inc., P.O. Box 2098, Edison, NJ 08818.

The New Jersey Association of REALTORS^® is a non-profit organization serving the professional needs of approximately 47,000 REALTOR^® and REALTOR-ASSOCIATE^® members in the state. REALTOR^® is a registered collective membership mark which may be used only by real estate professionals who subscribe to the REALTOR^® organization's strict Code of Ethics and are members of the National, State and Local REALTOR^® organizations.

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