NEW YORK, NY November 25, 2008 —As the foreclosure rate in New Jersey continues to rise, local state and federal lawmakers introduced a new federal program aimed at saving struggling communities. WNYC's Bob Hennelly has more.

REPORTER: Senator Robert Menendez and Governor Jon Corzine were in Paterson, New Jersey to introduce a new federal program to help prevent abandoned properties from depressing property values. Paterson Mayor Jose Torres says there are more than 2,000 foreclosed homes in his city. The program will provide $62 million in federal aid to buy foreclosed properties and rehab them into affordable housing. Paterson is one of five local governments to take part in the program, the city accounts for 35 percent of foreclosed properties state wide. For WNYC, I'm Bob Hennelly.