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News Now

CU System
NJ governor conditionally vetoes foreclosure bill
HIGHTSTOWN, N.J. (1/30/13)--N.J. Gov. Chris Christie Monday conditionally vetoed a bill that would help transform foreclosed properties into affordable housing.

"The concept of the bill is good, but there were issues on how to finance it, which the governor indicated in his comments," Chris Abeel, the New Jersey Credit Union League's director of government affairs, told News Now. The league had not taken a position on the bill.

The bill would have established the New Jersey Residential Foreclosure Transformation Act to allow the New Jersey Housing & Mortgage Finance Agency to purchase abandoned homes under foreclosure and convert them into affordable housing units (The Daily Exchange Jan. 29).

In his veto message Christie said the bill would rely on the "unavailable and, in some cases unidentified, state funding sources."

In November, Christie vetoed a similar measure, which was combined with a proposal for expedited foreclosure of abandoned properties through a summary judgment process. The league did not take a position on that bill, either, Abeel said.

The legislature passed the summary judgment measure (S-2156) on a stand-alone basis which the governor approved in December. That bill was supported by NJCUL.

Christie also conditionally vetoed legislation that would have immediately raised the minimum wage to $8.50 and tied automatic annual increases to the Consumer Price Index. Abeel said the league was monitoring the bill on behalf of its members.
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