Senate Economic Growth Committee releases Lesniak’s foreclosure bill

TRENTON – The foreclosure bill introduced by Sen. Ray Lesniak (D-20), Elizabeth, earlier this week was released by the Senate Economic Growth Committee on Thursday.

The bill, S1566, would establish a central agency under the New Jersey Housing and Mortgage Finance Agency (HMFA) to use funds from the State Affordable Housing Trust Fund to buy and deed-restrict foreclosed properties for affordable housing.

The bill was supported by a diverse bunch of interest groups, including the New Jersey Association of Realtors, the New Jersey Builders Association, the Sierra Club, the N.J. League of Municipalities, and the Housing and Community Development Network

Michael Cerra, of the League of Municipalities, called it an “innovative policy,” and a smart incremental step forward.

Jeff Tittel of the New Jersey Sierra Club called it an important bill that will help meet affordable housing goals and revitalize blighted neighborhoods.

Senate Economic Growth Committee releases Lesniak’s foreclosure bill