"Here is property already built, already in place," Medina says. "Right now, there are many people living in houses eligible for foreclosure, but not paying a mortgage because the foreclosure process has come to a virtual standstill with the investigations. This program could put already-built assets into circulation as affordable housing."

It could offer some of those living in foreclosed homes a chance to remain and possibly repurchase their homes when their economic situations improve, Medina observes.

Michael G. McGuinness, chief executive officer of the state chapter of NAIOP, commended the measure's proponents for "thinking outside the box."

"I don't think it could be the entire answer to New Jersey's affordable housing problems," McGuinness says. "Quite honestly, the devil will be in the details as the bill develops."

NAIOP is a part of a long-term coordinated battle by the state's construction industry to overturn or substantially change Council on Affordable Housing regulations that tie municipal affordable housing obligations to new construction approvals. "But that is a bigger, broader matter," McGuinness says. "This proposal may well have a place in the arsenal of tools the state has to deal with affordable housing." If the program does wind up making existing housing available to those with low-to-moderate income, he suggests the program should include a method for continuously monitoring the residents' income.