Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
#FreeGasFriday courtesy of @tvfcu, TN #creditunions http://t.co/wDRFYJVlpz
20 hours ago
If you were unable to watch or attend @cuna 's @thehill Hill forum on Wed., you can now watch the archived version: http://t.co/FhUnp7HbU8
21 hours ago
Time is running out. If you haven't taken the #NewsNow readership survey, please click here now: http://t.co/4Gp6C2Wa4o
21 hours ago
African financial inclusion possible with mobile money: @IMFNews study http://t.co/0V5DTQToxY
22 hours ago
Louise Herring's birthday is Saturday. 105 years later, her legacy lives on through her kids http://t.co/oMqGADmo0d http://t.co/T3NmS9NqEY
23 hours ago