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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
Dissed by Gov. Chris Christie, New York Republican Gubernatorial candidate Rob Astorino said Christie should consider stepping down from his post as chairman of the Republican Governors Assocation.Read More >
Union County Sheriff Ralph Froehlich has died Union County today mourns the loss of the longest-serving sheriff in New Jersey history, who died last night at the age of 83. (Editor/PolitickerNJ) http://www.politickernj.com/77506/union-county-sheriff-ralph-froehlich-has-died Cryan serving as acting Union County sheriff, poised to run in November ...
By JEFF BRINDLE Much has been written about the magnitude of campaign spending by independent special interest groups. But until now, there has been little discussion about the impact. During the 2012 Presidential and Congressional contests,... Read More >
"As soon as you step into the lake on foot or in a boat, you're in the state's domain. I feel bad for the snake, and I hope it gets rescued before it dies when it gets cold. It didn't mean to get let out there. This snake should be one thing we can get together on and not worry about party affiliation. Unless the snake's a Democrat." - Republican Mount Arlington Mayor Arthur Ondish- PolitickerNJ
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