NJ foreclosures could become affordable housing

((AP Photo/David Zalubowski, file))

June 26, 2012 5:14:39 AM PDT
Lawmakers have sent to Gov. Chris Christie a bill that would allow NJ towns to buy foreclosed homes and turn them into affordable housing.

The measure would temporarily create the New Jersey Foreclosure Relief Corporation for five years.

Towns would have 45 days to decide whether to buy the home. If not, the corporation could buy it and restrict it as affordable housing for 30 years.