Contact Us
Make My Homepage

NJ Foreclosures Could Turn Into Affordable Housing

Are abandoned properties a problem in your area? If so, a measure headed to the full New Jersey Assembly could be the solution.

Kevork Djansezian, Getty Images

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.

Best of the Web


Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://nj1015.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on New Jersey 101.5 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here.

Register on New Jersey 101.5 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!