Senate and Assembly pass “Neighborhood destruction Act”
Both houses of the Legislature today passed a bill that would let towns buy foreclosed homes and convert them into affordable housing.
The bill (S1566) — which today passed the Senate 21-18 and the Assembly 45-33 with one absention — would form the temporary New Jersey Foreclosure Relief Corporation for five years to buy foreclosed homes.
Towns would have 45 days to decide whether to buy the houses through the state’s $268 million affordable housing trust fund; if they did, they would get a two-for-one credit against affordable housing obligations. (Friedman, The Star-Ledger)
https://www.nj.com/news/index.