New Jersey Passes Bill to Reuse Vacant Foreclosures
The New Jersey state Senate narrowly passed a bill Monday giving the state the ability to buy vacant, previously foreclosed homes and resell or rent them out.
State Sen. Raymond Lesniak, D-Union, introduced the New Jersey Residential Foreclosure Termination Act in February.
The bill forms the New Jersey Foreclosure Relief Corp., a new state government body that would acquire, sell and rent the properties buy selling an uncapped amount of bonds. It will also issue an annual report about foreclosure activity in the state and produce financial statements of its own transactions.
If a city in New Jersey buys a foreclosed property and it sits vacant for at least 180 days, the N.J. Foreclosure Relief Corp. would take control of it.
Copy of the bill below…