TRENTON-A legislative proposal to create a New Jersey Foreclosure Relief Corporation that would permit municipalities to buy foreclosed homes and offer them as affordable housing is striking various commercial estate specialists as a creative approach worth serious consideration.
“It sounds like a very interesting plan with potential to help stabilize neighborhoods and also address some of the state’s affordable housing goals,” Gualberto (Gil) Medina of Cushman & Wakefield, the East Rutherford-based real estate services company, tells GlobeSt.com. Medina is Cushman’s executive managing director and head of its New Jersey offices. He also is a former state commerce secretary in the Christine Todd Whitman administration.
The proposal comes from two Democrats, state Sen. Raymond Lesniak of Union and Barbara Buono of Middlesex. Under terms of the measure, municipalities could decide within 45 days whether to buy foreclosed homes through the state’s $268 million affordable housing trust fund, and gain a two-for-one credit against their affordable housing obligations.
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