Friday, March 9, 2012
NJ Housing Funds:
Municipalities are sitting on more than 200 million dollars in cash that is initially for creating affordable housing across
. The collected funds are from fees imposed on developers. NJ state laws require towns to use such fees towards building, or revamping housing for low and moderate -in -come families. However, Governor Chris Christie would rather take that money, and use it towards helping balance the state budget. New Jersey
Senator Raymond Lesniak (D. Union) & Assemblyman Jerry Green (D- Union) presented a bill that has won support from housing advocates, municipal leaders, and builders.
The Bill (A-2168), known as the “New Jersey Residential Foreclosure Transformation Act” would establish the “New Jersey Foreclosure Relief Corporation” for purchasing foreclosed residential properties from institutional lenders and dedicating them for occupancy as affordable housing.
“It’s critical to the economic recovery of the state, and we cannot let him get away with this,” stated Lesniak. Under existing law, Municipalities have until July to commit this money, after which the state can claim it. The Lesniak- Green bill is currently proceeding its way through legislative committees.