"The Legislature deserves high praise for its willingness to act swiftly on this package of bills, which will help move New Jersey out of the current economic recession and toward a path of recovery," Gov. Corzine says, in a statement. "I look forward to moving quickly and enacting these measures into law, putting more New Jerseyans back to work, assisting families in need and helping small businesses during these trying economic times."

For one, bill A-3377/S-4, also known as the Main Street Assistance Program, directs the New Jersey EDA to establish a two-year program to provide credit enhancement and limited financing to small and medium-sized businesses eligible to borrow from New Jersey banks. Also on the urban front, A-2720/S-5, dubbed the Urban Enterprise Zone Enhancement Act, expands the number of businesses in UEZs eligible for point-of-sale exemption from sales tax for purchases of business supplies and equipment.

Bill S-1599/A-2517, the Mortgage Stabilization and Relief Act, meanwhile, creates two programs in the New Jersey Housing and Mortgage Finance Agency to help prevent foreclosures. One program enables qualifying homeowners in imminent danger of foreclosure to obtain financial assistance to refinance, while the second provides support for non-profit and public entities to execute lease-purchase agreements with homeowners in danger of foreclosure.