NJ Assembly OKs Bill To Flip Foreclosures As Low-Cost Homes

Law360, New York (June 28, 2012, 10:47 PM EDT) -- The New Jersey Assembly on Thursday granted final legislative approval to a controversial bill empowering the state to buy foreclosed properties from lenders and turn them into affordable homes for low-income buyers.

The bill, approved by a vote of 44-33, establishes a New Jersey Foreclosure Relief Corp. under the New Jersey Housing and Mortgage Finance Agency, for the purpose of purchasing foreclosed residential properties from institutional lenders and dedicating them for occupancy as affordable housing.

The properties would be purchased with about $200 million in municipal...
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