N.J. set to vote on plan to use foreclosed properties as affordable housing

Sponsors of a measure that would allow New Jersey towns to convert foreclosed homes into affordable housing expect the Legislature to take final action on the bill Thursday.

The legislation would form the New Jersey Foreclosure Relief Corporation and allow towns to use money from the state’s affordable housing trust fund to purchase foreclosed properties.

Affordable housing advocates support the measure.

“The supply is there. The homes aren’t occupied. That’s bad for communities. At the same time there’s people, working families, who need this housing,” says Kevin Walsh, associate director of the Fair Share Housing Center. “This is just an opportunity that can’t be lost.”

Assembly Republican Leader Jon Bramnick says starting a new government bureaucracy to manage property is not the best way to deal with the foreclosure problem.

Bramnick, R-Union, said he doubts Gov. Chris Christie would sign the bill.