Turning foreclosed homes into affordable housing in New Jersey

A bill introduced in February that would allow New Jersey towns to purchase foreclosed homes and turn them into affordable housing is now on its way to Gov. Chris Christie’s desk.

The Associated Press reports the measure would temporarily create the New Jersey Foreclosure Relief Corporation for a window of five years.

Which areas of New Jersey are you finding have foreclosed homes? How would you feel if your town were able to purchase a foreclosed home and turn it into affordable housing?Tell us in the comments below.

Towns would then have 45 days to decide whether to purchase the home. If not, the corporation could  buy it and restrict it as affordable housing for 30 years, according to the Associated Press.

The Star Ledger reports that the measure could also help to alleviate the backlog from the state’s foreclosure process.

According to The Star-Ledger report, as of the end of 2011, it took the courts on average 964 days to complete a home foreclsure in New Jersey.