TRENTON – Senate lawmakers signed off on legislation today that would help transform foreclosed properties into affordable housing.
The legislation, S2157, would establish the New Jersey Residential Foreclosure Transformation Act, which advocates say would turn the foreclosure crisis into an opportunity. The bill would give the New Jersey Housing and Mortgage Finance Agency the ability to purchase foreclosed homes and dedicate them as affordable housing units.
It passed 22-17 following little discussion
The action comes after lawmakers in both houses passed companion legislation, A3248 and S2156, which would speed up foreclosures of abandoned sites.