Christie Vetoes Bill To Create Affordable Housing From Foreclosed Homes

Posted by Orb Staff on January 29, 2013 No Comments
Categories : Mortgage Servicing

13194_chrischristieorb Christie Vetoes Bill To Create Affordable Housing From Foreclosed Homes N.J. Gov. Chris Christie has conditionally vetoed legislation that was designed to transform foreclosed properties into affordable housing.

PoliticalTickerNJ.com reports that Christie rejected a bill, S1415 and A2014, that sought to establish the New Jersey Residential Foreclosure Transformation Act. As part of the bill, New Jersey municipalities would have 45 days to decide whether to buy foreclosed vacant houses through the state's $268 million affordable housing trust fund. If the municipalities did not want to purchase the houses, a newly formed corporation would buy them using federal and state financing sources and deed-restrict them as affordable housing for the next three decades.

Christie explained his veto by telling legislators that they should focus on the $300 million in existing federal funds to aid distressed homeowners, ‘as opposed to the unavailable and, in some cases unidentified, state funding sources that this bill relies upon.’

(Photo courtesy NY Post)

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