Norris McLaughlin & Marcus, P.A.

Blogs > NJ Real Estate Dispute

New Jersey Foreclosure Relief Corporation

Feb 17, 2012

Foreclosed Homes = Affordable Housing

Senators Ray Lesniak and Barbara Buono have introduced legislation (S-1566) to transform foreclosed homes into affordable housing.  The bill would create the New Jersey Foreclosure Relief Corporation and would allow municipalities to buy foreclosed houses through the state’s $268 million affordable housing trust fund, and thereby earn two-for-one credit toward their affordable housing obligations.  If municipalities decide not to buy the vacant homes, the Corporation would be able to purchase them through federal and state financing sources and deed restrict them as affordable housing for three decades.  » Read More

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