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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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"In many ways, Fulop has embraced McGreevey’s granular-level approach to retail politics, racing around the state to raise money for congressional candidates in South Jersey one night, showing up at a Morris County Democratic Party function the next. His administration has also awarded legal work to Weiner Lesniak, the Parsippany-based firm run by state Sen. Ray Lesniak, the Union County Democratic Party power broker." - columnist Charles Stile- The Bergen Record
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