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
N.J. bill would convert foreclosures to affordable housing
TRENTON, N.J. (2/17/12)--A measure that would allow a New Jersey agency to purchase and deed-restrict foreclosed properties for affordable housing has been introduced into the New Jersey Senate.

State Sen. Ray Lesniak (D-20) introduced S. 1566 this week to 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, according to the New Jersey Credit Union League (The Daily Exchange Feb. 16).

State Sen. Barbara Buono (D-18) is co-sponsor of the measure, which was scheduled to be considered yesterday before the  Senate Economic Growth Committee. Assemblyman Jerry Green (D-22) will introduce a companion bill in the lower house, said the league.

The legislation would turn 10,000 foreclosed homes into 10,000 affordable homes, but the program wouldn't be just an affordable housing program, the article said. The "Foreclosure Relief Corp." would give municipalities 45 days to determine whether they want the vacant properties to be converted to affordable housing before the corporation goes into a market rate bulk sale.


RSS





print
News Now LiveWire
.@TheNCUA posted resources 2 help consumers protect themselves,take action if they believe they were ID theft victims:http://t.co/HVaikbuT9H
43 minutes ago
.@TexansCU, under conservatorship of @TheNCUA, reported continued growth in 2014. http://t.co/1iWLrhHBGy
2 hours ago
.@TheBuffaloNews picks up @Bankrate's mortgage must-haves with @CUNA personal finance expert Susan Tiffany http://t.co/pEwAgurrAl
3 hours ago
.@AmericaSaves launches excellence in savings designation for #creditunions #NewsNow http://t.co/WzL4BqaWuG #AmericaSavesWeek #ASW15
3 hours ago
#NewsNow Washington DFI adds 'S' to CAMEL rating http://t.co/8OFaN21Vkz
4 hours ago