New Jersey Residential Foreclosure Transformation Act establishes a program to purchase foreclosed properties for affordable housing.
The New Jersey Residential Foreclosure Transformation Act establishes the "New Jersey Residential Foreclosure Transformation Program" within the New Jersey Housing and Mortgage Finance Agency (HMFA). The program aims to purchase eligible properties, including foreclosed residential properties from institutional lenders, properties owned by municipalities due to tax foreclosure, and certain properties subject to a nonperforming loan, and dedicate them for affordable housing.
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