NJ Senate Committee Approves Foreclosure Legislation


The New Jersey Senate Economic Growth Committee today voted in favor of legislation that would create the "NJ Foreclosure Transformation Program" for the purpose of purchasing foreclosed residential properties from institutional lenders and dedicating them for occupancy as affordable homes. Housing and Community Development Network of New Jersey (the Network) President and CEO Staci Berger issued the following statement on the bill’s passage:

“Our state consistently ranks at the top of the nation in foreclosures and it’s one of the most expensive places to live. This legislation will allow towns restore problem properties to productive use while creating more affordable places for people to call home. Thank you to Chair and Vice Chair of the Senate Economic Growth Committee, Senator Nilsa Cruz-Perez and Senator Troy Singleton, for continuing to push this legislation forward. We urge the members of the Senate to vote in favor of the bill when it makes its way onto the Senate Floor.”

About the Housing and Community Development Network of NJ
The Housing and Community Development Network of New Jersey is the statewide association of more than 250 community development corporations, individuals and other organizations that support the creation of affordable homes, economic opportunities, and strong communities. For more information on the Network, visit www.hcdnnj.org.

For more information:
Nina Rainiero
(609) 393-3752 x1200
(609) 789-7900
Website: hcdnnj.org
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