New Jersey Governor Phil Murphy announced a 90-day grace period on mortgage payments for borrowers, effective April 1.
The relief comes following talks between Gov. Murphy's administration and over 40 financial institutions. He noted that a borrower's credit rating may not be downgraded by virtue of them taking advantage of the grace period.
In addition to new limits on evictions during the COVID-19 crisis, Murphy issued a warning to landlords who take advantage of the relief but do not pass it on to their tenants.
"This is not the time to be raising rents," he said. "You cannot evict anyone at this time. If you do, we are not going to take it lightly, and we will make an example of you under the law."
Federal help is on the way for Americans affected by the coronavirus pandemic by way of a $2 trillion stimulus bill signed by President Trump on Friday. Murphy congratulated the president for signing the bill, calling it a "welcome step, but we're going to need more."
Murphy also urged New Jerseyans to fill out the 2020 census online. He says the state was not properly counted in 2010 and federal aid is based on the census results.
"Right now, we need every penny more than ever before," Murphy said.