NJAR®-Approved Foreclosure Bill Going through Legislative Process

On February 16, 2012, the Senate Economic Growth Committee approved S-1566, the New Jersey Residential Foreclosure Transformation Act. This legislation, supported by NJAR^®, establishes the New Jersey Foreclosure Relief Corporation, which will be able to work with municipalities to help them acquire foreclosed properties, which will in turn be used to provide affordable housing. NJAR^®successfully requested an amendment to this bill to ensure that one of the members of this corporation will be a real estate licensee. This legislation is now before the Senate Budget and Appropriations Committee, and it must be approved before it can be sent to the full State Senate for a vote. The legislation must also be approved in the General Assembly.