Establishes the "New Jersey Residential Foreclosure Transformation Act" to facilitate the purchase and dedication of foreclosed properties for.

The "New Jersey Residential Foreclosure Transformation Act" establishes a program within the New Jersey Housing and Mortgage Finance Agency (HMFA) to purchase foreclosed residential properties and dedicate them for affordable housing. The bill creates the "Foreclosure to Affordable Housing Transformation Fund" to manage these transactions. It allows HMFA to enter into contracts with community development financial institutions to purchase eligible properties, including those from institutional lenders, municipalities, and nonperforming loans.

Establishes the "New Jersey Residential Foreclosure Transformation Act" to facilitate the purchase and dedication of foreclosed properties for.

The "New Jersey Residential Foreclosure Transformation Act" establishes a program within the New Jersey Housing and Mortgage Finance Agency (HMFA) to purchase foreclosed residential properties and dedicate them for affordable housing. The bill creates the "Foreclosure to Affordable Housing Transformation Fund" to manage these transactions. It allows HMFA to enter into contracts with community development financial institutions to purchase eligible properties, including those from institutional lenders, municipalities, and nonperforming loans.