NJ Foreclosure Act set to ruin communities?
Do you think NJ Bills S1566 / A2168 are acceptable?
Been hearing rumblings of disapproval about the NJ Residential Foreclosure Transformation Act, which will essentially give the state the power to gobble up foreclosed properties all over the Garden State, and convert them into low-income housing.
More specifically, “The bill empowers the state to purchase foreclosed residential property and mortgage assets from institutional lenders in order to produce affordable housing and dedicate it as such for 30 years. The bill directs the corporation to enter into contracts or loans, or both, with no more than two experienced, financially sophisticated, community development financial institutions to enhance the ability of the corporation to fulfill its purpose of producing affordable housing.”
This may well impact almost every city in New Jersey, because the bill says that in order to give the state such power, they just need 10 or more foreclosed homes in each city that have been on the market for 60 days.
Certain communities, especially more affluent ones are shivering in their pants if this bill were to pass. How many people in Hoboken would like that?
Foreclosure legislation is open to abuse
Below is a letter published in The Record a week or two ago:
“Dear Editor:
The NJ Residential Foreclosure Transformation Act, Senate Bill, S1566 and its concurrent Assembly Bill, A2168, are two pieces of legislation that if enacted will change the tenor and tone of all of our neighborhoods, decrease property values, increase the already burdened property owners and will have significant potential to impose central planning and eminent domain abuse.
The Act allows the state to buy foreclosed residential properties in any town and convert them into special needs, low income housing, deed-restricted for 30 years. However, the Act is open to abuse and could allow the state to expand its powers of eminent domain.
These two pieces of legislation are currently making their way through our Senate and Assembly and to date, the governor has not indicated his approval or disapproval for these measures. The bills are available on line and can be obtained by searching under the bill numbers.
It is important that every citizen and/or property owner read and understand the intent of these bills. The Act continues the unacceptable practice of wealth re-distribution to all areas of New Jersey, inner cities and suburban areas alike and up until now there has been precious little input from the citizens of the state. Only six public input sessions were held in the entire state and many heads of local municipalities have not become conversant with the details of the Act.
Additionally, the Act does not specifically protect the rights of citizens to choose their living environments or protect the stability of neighborhoods. Our property rights and liberties are also not protected. From an economic standpoint, the Act does not include proven strategies to achieve its stated goal of economic growth.
Contact your local legislators and read the proposed legislation before it is too late. We must do all that we can to discourage passage of this very critical piece of legislation in both the Senate and the Assembly and also let our Governor and legislators know how we feel about this.”
Hoboken NJ
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