Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
Servicemember's spouse drives away with Bank on More's SUV thanks to #missouri #creditunions http://t.co/WvTrKxh0sV
3 minutes ago
From @FHFA this a.m.: U.S. house prices up 0.5% in Aug. on seasonally adjusted basis from previous month. More here: http://t.co/1yVDOPggeX
1 hours ago
@TheNCUA open meeting is slated to start at 10 a.m. ET. Should be a quick one. #NewsNow http://t.co/rfYjnat7eI
1 hours ago
Mass. CUs in unanimous vote joined RI and NH CUs in approving merger of the 3 state leagues 2 form the Cooperative Credit Union Association.
1 hours ago
.@RepDennyHeck to @NWCUA Amplify conference audience: "More often than not, CUs are part of the solution"
20 hours ago