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Lesniak News Conference on Foreclosure-Affordable Housing Reform

Senate Judiciary Committee Chairman Nicholas P. Scutari, D-Union, Middlesex and Somerset, addresses his colleagues on the floor of the State Senate.

Senate Judiciary Committee Chairman Nicholas P. Scutari, D-Union, Middlesex and Somerset, addresses his colleagues on the floor of the State Senate.

Senate Judiciary Committee Chairman Nicholas P. Scutari, D-Union, Middlesex and Somerset, addresses his colleagues on the floor of the State Senate.

Raymond J. Lesniak

Senator Raymond J. Lesniak, D-Union, the Chairman of the Economic Growth Committee, speaks at a news conference at the Statehouse announcing the introduction of legislation sponsored by himself and Senator Barbara Buono which would begin to address the foreclosure and affordable housing crises facing New Jersey. The bill, S-1566, would establish a central agency under the New Jersey Housing and Mortgage Finance Agency (HMFA) to use funds from the State Affordable Housing Trust Fund to purchase and deed-restrict foreclosed properties to be used as affordable housing. The bill would also create incentives for municipalities to transition foreclosed properties to affordable housing, giving them a 2-to-1 match against their affordable housing obligation for affordable units created from foreclosed properties. Senator Lesniak said the bill could result in 10,000 new affordable units and 10,000 less unoccupied, boarded-up properties. Also pictured is Assembly Speaker Pro Tempore Jerry Green.

Senator Raymond J. Lesniak, D-Union, the Chairman of the Economic Growth Committee, speaks at a news conference at the Statehouse announcing the introduction of legislation sponsored by himself and Senator Barbara Buono which would begin to address the foreclosure and affordable housing crises facing New Jersey. The bill, S-1566, would establish a central agency under the New Jersey Housing and Mortgage Finance Agency (HMFA) to use funds from the State Affordable Housing Trust Fund to purchase and deed-restrict foreclosed properties to be used as affordable housing. The bill would also create incentives for municipalities to transition foreclosed properties to affordable housing, giving them a 2-to-1 match against their affordable housing obligation for affordable units created from foreclosed properties. Senator Lesniak said the bill could result in 10,000 new affordable units and 10,000 less unoccupied, boarded-up properties. Also pictured is Assembly Speaker Pro Tempore Jerry Green.

Senator Raymond J. Lesniak, D-Union, the Chairman of the Economic Growth Committee, speaks at a news conference at the Statehouse announcing the introduction of legislation sponsored by himself and Senator Barbara Buono which would begin to address the foreclosure and affordable housing crises facing New Jersey. The bill, S-1566, would establish a central agency under the New Jersey Housing and Mortgage Finance Agency (HMFA) to use funds from the State Affordable Housing Trust Fund to purchase and deed-restrict foreclosed properties to be used as affordable housing. The bill would also create incentives for municipalities to transition foreclosed properties to affordable housing, giving them a 2-to-1 match against their affordable housing obligation for affordable units created from foreclosed properties. Senator Lesniak said the bill could result in 10,000 new affordable units and 10,000 less unoccupied, boarded-up properties. Also pictured is Assembly Speaker Pro Tempore Jerry Green.