A bill creating a plan for the empty homes which have been foreclosed upon in our communities cleared the Assembly Thursday, 74-4-0.
The measure (A-1049), sponsored by Assembly members Mila Jasey (D-Essex, Morris), Annette Quijano (D-Union) and Benjie Wimberly (D-Bergen Passaic) is known as the “New Jersey Residential Foreclosure Transformation Act.” It would establish the New Jersey Residential Foreclosure Transformation Program under the New Jersey Housing and Mortgage Finance Agency (HMFA) to purchase foreclosed residential properties and dedicating them for occupancy as affordable housing.
Assemblywoman Mila Jasey dedicated this legislation to memory and legacy of former Assemblyman and long-time Assembly Housing Chairman, Jerry Green, who championed fair and affordable housing for all in New Jersey during his decades-long career in public service.
The sponsors issued the following statement on the legislation:
“New Jersey has the highest foreclosure rate in the country, in January 2020 foreclosures increased by 13%. The COVID-19 Pandemic and its effects on our communities and economy will only exacerbate the foreclosure crisis in the state. Many foreclosed residential properties are vacant, undermining the health, safety, and economic vitality of neighborhoods, depressing their property values, and reducing revenues to municipalities. The availability of tens of thousands of foreclosed residential properties presents a unique opportunity for us in New Jersey. Enabling the purchase and dedication, or the rental, of housing units for low-income and moderate-income residents, will put to good use the overabundance of vacant foreclosed residential properties in the state and help families in need.”