TRENTON, NJ-A new version of a proposal to have the state acquire foreclosed residencies for conversion to affordable housing - similar to one vetoed last year by Gov. Chris Christie - has been sent to the Assembly for debate by its Housing and Community Development committee.
The measure would create a Foreclosure Relief Corporation as part of the state Housing and Mortgage Finance Agency.
"Abandoned properties are a burden to municipalities," Assemblyman Troy Singleton of Burlington told reporters, "especially ones already struggling financially." He said the bill would help towns by improving troubled properties and adding affordable housing to their residential stock.
The measure would fund the program with bonds issued by the HMFA, in addition to any proceeds over $75 million from the state's collection of real estate transfer fees.
In January of 2013, Christie rejected a previous measure to set up a foreclosure conversion program.
The League of Muncipalities had been part of a broad coalition of housing and business groups that supported theResidential Foreclosure Transformation Act last year. Christie also rejected a previous version of that bill.
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