NJ Senate Panel OKs Bill Turning Foreclosed Property Into Affordable Housing

NJ Senate Panel OKs Bill Turning Foreclosed Property Into Affordable Housing

The Record and Herald News (NJ) (2/17, Livio) reports, "A Senate panel unanimously approved a measure Thursday that would let municipalities and a new state corporation buy foreclosed homes and offer them to low- and moderate-income residents." The legislation "creates the New Jersey Foreclosure Relief Corp, which would buy foreclosed homes, or allow municipalities to acquire them while getting a two-for-one credit against their affordable housing obligations." Notably, "funding would come from the state's million affordable housing trust fund, municipal affordable housing trust funds, bonds from New Jersey Housing and Mortgage Finance Agency, and the Realty Transfer Fee."