New Jerseyans facing foreclosure will have a new path back to homeownership under a bill Gov. Phil Murphy signed Friday.

The new law creates the community wealth preservation program, which will give homeowners facing foreclosure — plus their families and certain nonprofits — the right of first refusal to purchase their home at a sheriff’s sale.

“With today’s bill signing, we are creating a new avenue to homeownership for individuals and families throughout New Jersey, giving many the opportunity to remain in the homes and communities they cherish while also protecting our neighborhoods from rapid investor-driven homebuying,” Murphy said in a statement.

To reclaim a foreclosed home, the homeowner or their family must be preapproved for a loan that matches the home’s original upset price — the lowest price for which a home would be sold — or its final starting upset price, whichever is lower.

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Gov. Murphy signs new foreclosure protection program into law