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(TRENTON) - Legislation sponsored by Assembly Speaker Pro Tempore Jerry Green (D- Middlesex/Somerset/Union) to create a temporary program that would allow the state to purchase foreclosed properties for use as affordable housing, while protecting municipalities from having to forfeit funds appropriated for affordable housing received final legislative approval Monday and now heads to the governor's desk.
"Housing in New Jersey is expensive. New Jersey consistently ranks as one of the most expensive states to live in. Not surprisingly, we also have some of the highest foreclosure rates in the country. With little regard from the administration, it will not get any better," said Green, who chairs the Assembly Housing and Local Government Committee. "We have a responsibility to ensure there are sufficient affordable housing options for our residents. Foreclosures bring down property values and are magnets for criminal activity. This bill attempts to kill two birds with one stone by taking these properties which can become real nuisances and transforming them into affordable housing."
The bill, named the "New Jersey Residential Foreclosure Transformation Act", would create the temporary New Jersey Foreclosure Transformation Program within the New Jersey Housing and Mortgage Finance Agency (HMFA) to buy foreclosed residential properties from institutional lenders for use as affordable housing. The HMFA would be required to cease the program on Dec. 31, 2017.
Contact Eva Loayza at (609) 847-3500
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Bergen County Freeholder forum mostly convivial, but at times confrontational TEANECK - The Bergen County freeholder forum on Tuesday night was a relatively collegial affair until the final two minutes on the 90-minute event. Republican freeholder candidate Robert Avery, flanked by fellow GOP freeholder candidate Bernadette Coghlan-Walsh, referred to...
By JEFF BRINDLE It is critical that the Legislature soon enact a pending bill that would ensure the state’s Gubernatorial Public Financing Program is available in the event of a special election for governor. Not only is there no current legal... Read More >
"I see Loretta Weinberg in the back of the room. Loretta, you have my eternal admiration for what you did to rid the Democratic Party of a certain political boss. However, not everyone shares that distinction." - Bergen County Republican Freeholder candidate Robert Avery- PolitickerNJ
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