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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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Days Since Last Christie Press Conference (Jan. 9)
Greenstein versus Watson Coleman in Princeton PRINCETON – When Princeton Community Democratic Organization (PCDO) Chairman Jim Durbin announced a second ballot runoff tonight and the losers headed for the back of the room, he alerted committee members to the names of the two surviving competitors. But people already...
BY JEFF BRINDLE Anytime now, the U.S. Supreme Court will render a decision in McCutcheon v. FEC. And while reformists may not like it, the high court is likely to allow national parties to raise far more money. That could strengthen them... Read More >
"The governor has allowed political cronyism to continue and even flourish, rather than stamp it out, with some of his closest confidants enriching themselves through millions of dollars in state contracts, and legal and lobbying fees, an Asbury Park Press review of thousands of pages of campaign, lobbying and contracting documents found."- The Asbury Park Press
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