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N.J. takes action on bills to convert foreclosed homes into affordable housing
An Assembly panel Monday approved a bill intended to transform foreclosed homes into affordable housing.
Under the bill (A2168), which was passed 4-1 by the Assembly Housing and Local Government Committee, municipalities would have 45 days to decide whether to buy houses situated in their jurisdiction through the state’s $268 million affordable housing trust fund.
If they do, municipalities would receive a two-for-one credit against affordable housing obligations. (Staff, The Star-Ledger)
