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."
PD&R Leadership Message Archive
International & Philanthropic Spotlight Archive
Spotlight on PD&R Data Archive
Publications
Collecting, Analyzing, and Publicizing Data on Housing Turnover
Resilience Planning: What Communities Can Do to Keep Hazards from Turning into Disasters
Cityscape: Volume 26, Number 3
Case Studies
Case Study: Former School in Charleston, South Carolina, Transformed into Affordable Housing for Seniors
Case Study: Avalon Villas Combines Affordable Housing and Services for Families in a Gentrifying Phoenix Neighborhood
The contents of this article are the views of the author(s) and do not necessarily reflect the views or policies of the U.S. Department of Housing and Urban Development or the U.S. Government.
Note: Guidance documents, except when based on statutory or regulatory authority or law, do not have the force and effect of law and are not meant to bind the public in any way. Guidance documents are intended only to provide clarity to the public regarding existing requirements under the law or agency policies.