State may buy Foreclosures for Affordable Housing

Although it has won praise from bankers and housing advocates, New Jersey State Senator Ray Lesniak’s bill that would allow the state to buy foreclosed homes from institutional investors to use as affordable housing passed the legislature, but was vetoed by Gov. Chris Christie in last year’s session. Another bill ito speed up the foreclosure process, according to what nijbz tells MHProNews, was passed and signed by the Gov., but the foreclosure transformation was vetoed. This year, his Residential Foreclosure Transformation Act is tied to a package of popular incentive programs that would focus on job creation. A similar version of the bill has been introduced in the New Jersey Assembly.

(Image credit: condometropolis)

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