LEGISLATION ALLOWS PUBLIC BORROWING TO BUY FORECLOSED HOMES FOR AFFORDABLE HOUSING

            The 24^th Legislative District Delegation voted against the New Jersey Foreclosure Transformation Act because it incurs taxpayer-funded debt to convert foreclosed homes into affordable housing for certain groups including convicted felons.

            “This legislation preys upon innocent people who are struggling to afford their homes,” Sen. Steve Oroho, R-Sussex, Warren, Morris said. “This will use municipal funds to buy homes from lenders who foreclosed on property of residents and then possibly provide a subsidized home to a convicted felon in the name of affordable housing. This is a twisted and complicated scheme to craft when we should be passing legislation to make New Jersey more affordable.”

            Assembly Members Alison McHose and Gary Chiusano, all R-Sussex, Warren and Morris, today had to vote on the Senate version of the legislation, S-1566, because the bills that passed on Monday were not identical.  Of course they opposed this version as well.

            “We need to cut taxes and create jobs in order to make New Jersey affordable for everyone and keep people in their homes in the first place,” McHose said. “Instead of passing legislation that will grow the economy and provide people with the opportunity for employment that will keep roofs over their heads, Corzine Democrats pursue legislation such as the Foreclosure Act that seeks to benefit from the misfortune of others.”

            “This is government-sanctioned, taxpayer-funded grand larceny,” Chiusano added. “We’ve been working to reinvigorate the economy through sound economic policies that have been proven to create jobs, while the Corzine Democrats want to take house keys from hard-working and struggling families to give to convicts.”