chanel
Silver Member
Two senior Democrats today outlined a measure to let municipalities and a state corporation buy foreclosed homes and offer them to low- and moderate-income residents in an effort to increase the supply of affordable housing and reduce the number of vacant houses.
The bill (S1566), which was introduced last week by Lesniak and state Sen. Barbara Buono (D-Middlesex), would form the New Jersey Foreclosure Relief Corporation with a five-year life span to buy foreclosed homes.
Under the proposal, municipalities where the houses are situated would have 45 days to decide whether to buy the houses through the states $268 million affordable housing trust fund. If they did, they would get a two-for-one credit against their affordable housing obligations.
Part of the financing would also be provided by $75.5 million the state is expected to get from a federal and state settlement over an investigation into allegedly abusive foreclosure practices by the nations largest mortgage providers.
N.J. Dems outline proposal allowing towns to turn foreclosed homes into affordable housing | NJ.com
This just reeks of socialism and the potential for enormous corruption. Comments?