TRENTON – A bill sponsored by Senator Ronald L. Rice which would allow municipalities to require creditors who initiate a foreclosure proceeding to secure and maintain the vacant, foreclosed home was unanimously approved by the Senate Community and Urban Affairs Committee today.
“We’ve seen the negative impact of vacant, foreclosed homes falling into disrepair within a community,” said Senator Rice, D-Essex, the Vice Chair of the Senate Community and Urban Affairs Committee. “When a home stands vacant and the property deteriorates, it can bring down property values of surrounding homes, and it can create a magnet for criminal activity. Through this legislation, we’re trying to require creditors to take responsibility for the homes they’re overseeing, so that these homes do not create a burden for the rest of the municipality.”
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“I want to be re-elected. I love my job.” - Essex County Executive Joe DiVincenzo- PolitickerNJ.com
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