New JerseyNew Jersey would establish law to repurpose foreclosed homes as affordable housing
New Jersey would establish a law under which its housing agency could arrange purchases of some foreclosed homes and other eligible properties to provide affordable housing.
What it does
New Jersey would establish a law for its housing agency to buy eligible homes for affordable housing. Purchased homes designated as affordable would have price or rent limits for up to 30 years.
Argument forIf funded, buying eligible homes could give people with low or moderate incomes more affordable places to live.
Argument againstIf the program receives money, using up to 15% of it to run the program could leave less to buy eligible homes.
More detail
New Jersey would establish an act under which its housing agency could arrange purchases of eligible homes for affordable housing. Eligible properties include homes institutional lenders took through foreclosure or accepted instead of foreclosure, homes towns own after tax foreclosure, and homes tied to institutional loans that borrowers are not repaying. Homes the agency or its contractors buy and designate as affordable would have price or rent limits recorded in the deed for up to 30 years. If it becomes law, the act would take effect right away.
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Where it stands
- Introduced
- Passed 1st Chamber
- Passed 2nd Chamber
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Sep 28Introduced in the Senate, Referred to Senate Community and Urban Affairs CommitteeIntroduced
Housing