Foreclosure Legislation

Governor Christie Conditionally Vetoes Foreclosure Legislation

On January 28, 2013, Governor Chris Christie issued a conditional veto of S-2157, the “New Jersey Residential Foreclosure Transformation Act”.  In its original form, this legislation created the “Foreclosure to Affordable Housing Transformation Fund” in the Housing and Mortgage Finance Agency (HMFA), with the purpose of purchasing foreclosed properties and converting them to affordable housing units. Under the Governor’s conditional veto, which would have to be adopted by the Legislature in order to become law, the Governor recommends using existing federal funding and state programs rather than create a new fund in the HMFA to keep families in their homes in New Jersey. Stay tuned to the NJAR® Government Affairs Facebook page for details on this bill as it moves through the legislative process.