DCA: Foreclosure problems persist, need to be addressed

TRENTON – Department of Community Affairs head said the state and towns must collaboratively address the still-acute foreclosure problem in

TRENTON – Department of Community Affairs head said the state and towns must collaboratively address the still-acute foreclosure problem in order to stifle declining property values and to a lesser degree, prevent eyesores.

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DCA head Richard Constable estimated there are between 50,000 and 100,000 properties that are in foreclosure.

Constable recommended to mayors gathered at the New Jersey League of Municipalities’ annual mayors day that municipalities use their affordable housing funds left unspent toward rehabbing those properties and consider deed restricting them as low-income properties.

DCA: Foreclosure problems persist, need to be addressed