“NJ Residential Foreclosure Transformation Act” the largest state land grab in history
June 21,2012
the staff of the Ridgewod blog
It’s called A.2168 – “NJ Residential Foreclosure Transformation Act” ,and despite huge fiscal and emotional opposition at Monday’s New Jersey Assembly Appropriations Committee hearing from Eagle Forum of New Jersey, multi-New Jersey Tea Parties and taxpayers, A2168 or the “NJ Residential Foreclosure Transformation Act” passed out of Committee via strictly partisan votes. A.2168 – “NJ Residential Foreclosure Transformation Act” has now been hurriedly scheduled for a vote Thursday, June 21 , in the NJ State Assembly.
The Bills opposition cited: the huge cost of the Bill and the ” indeterminate fiscal impact on State and local government” .The Office of Legislative Services; cited the Bill (known as both A2168 and S1566) as just another bank bailout .
“NJ Residential Foreclosure Transformation Act” is the largest state land grab in history, The state will manage property in your neighborhood ; a serious, and growing threat to neighborhood stability considering the rapidly expanding mortgage foreclosures and the questionable, broad-based use of such properties.
The “NJ Residential Foreclosure Transformation Act” turns the State into a realtor who can purchase foreclosed and market rate houses in ANY neighborhood, and turn the foreclosed houses into ‘affordable’ housing for 30 years. In addition to low and very low income households, the affordable housing will include ex-offenders, AIDS/HIV patients, the homeless and ‘individuals in other emerging special needs groups identified by State agencies’. Look for decreased property values, increased local taxes, neighborhood transformation and less local autonomy. .
Unfortunately market based solution to sell these very affordable priced homes at auction via private, responsible buyers and without big government involvement would create a huge loss of local tax revenues which doesn’t sit well with Trenton .
Contact info here:
https://www.njleg.state.nj.us/ members/roster.asp
Governor Christie: 609.292.6000