Foreclosures To Become Affordable Housing – Robbing from Peter to Give to Paul? [POLL]
You may remember a month and a half ago, I talked about the prospect that the home you currently live in that’s about to be foreclosed upon, could be turned into affordable housing to theoretically go to some needy family.
Well, when one body of the legislature comes up with a “brilliant” idea, others can’t help but copy it!
According to Townsquare’s Dino Flammia;
The New Jersey Residential Foreclosure Transformation Act, sponsored by several Assembly Democrats, would be aimed at transforming foreclosed properties into affordable housing. The bill would establish the “New Jersey Foreclosure Relief Corporation” for the purpose of purchasing foreclosed residential properties from institutional lenders and dedicating them for occupancy as affordable housing.
“Abandoned properties are a major problem, particularly in urban areas, and as they erode, they drag down the value of other properties in the neighborhood,” said Jerry Green, Assembly Speaker Pro Tempore (D). “This bill provides a practical solution for residents who have limited financial means and are in need of affordable housing, and for communities that are dealing with the blight, reduced property values and illegal activity that is synonymous with vacant properties.”
Reports show more than 100,000 New Jersey homeowners are dealing with foreclosures, according to sponsors of the measure.
“The crisis not only impacts families, but entire communities,” said Assemblywoman Mila Jasey (D). “As these homes are foreclosed, they become nuisances for residents, municipalities and law enforcement.”
The bill would also include incentives for towns to participate in the transformation process. Bonus credits towards affordable housing obligations would be awarded to municipalities that dedicate properties as affordable housing.
I feel the same now as I did back then, that if you’re in such dire straits, then wouldn’t it be more prudent to come up with a way to allow you to keep the home you already own, than to have some corporation set up by the State to buy the foreclosed property; and theoretically sell it as “affordable housing!”
Granted, you may have gotten in over your head when the housing bubble hit!
But you’ve been living in said house for as long as you have.
It doesn’t seem right to me that after losing it, the State would take it off the bank’s hands just to resell it to a “more deserving family!”
Robbing from Peter to hand over to Paul!
Somehow, I think our new State motto should be: “New Jersey – We Really Do Things Ass-ways!”
So, to update the poll I’d posted back in May: