Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Foreclosureaffordable housing bill passes N.J. committee
TRENTON, N.J. (2/21/12)--The New Jersey Senate Economic Growth Committee Thursday approved a bill that would allow a state agency to buy and deed-restrict foreclosed properties for affordable housing.

The bill, S. 1566, would establish a central agency under the state's Housing and Mortgage Finance Agency to use the State Affordable Housing Trust Fund to buy foreclosed properties, said the New Jersey Credit Union League  (The Daily Exchange Feb. 17).

State Sen. Ray Lesniak (D-20) introduced the bill last week, and a companion bill was introduced Thursday by Assemblyman Jerry Green (D-22), the league said. The measure now goes to the Senate Budget and Appropriations committee before consideration in the full Senate.

The legislation would turn 10,000 foreclosed homes into 10,000 affordable homes, and the "Foreclosure Relief Corp." would give municipalities 45 days to decide whether they want the vacant properties converted to affordable housing before the corporation goes into a market rate bulk sale.


RSS





print
News Now LiveWire
Which Children's Miracle Network Hospital is the winner of @CUDirect's 20 for 20 grand prize? Find out Tuesday.
4 hours ago
Gas prices have fallen for a record 88 days in a row says @AAAnews via @washingtonpost http://t.co/c52VTdqHEB
7 hours ago
.@TheNCUA releases regulatory modernization initiative results (PDF link) http://t.co/pgLZe4aget
7 hours ago
#FinCEN seeks nominations of FIs, trade groups for membership on Bank Secrecy Act advisory group http://t.co/l5w58c277W
8 hours ago
MI pediatric dentist pledges $20K match to Hurley Children's Hospital if it wins @CUDirect's 20 for 20 http://t.co/Eq2nIPm6jo
9 hours ago