Priorities for 2015-16:
- S2867/A4248 Permits municipal land banking in conjunction with online mapping. 3/16/2015: Reported out of Assembly Comm. with Amendments, 2nd Reading. 6/15/15: Passed Senate.
- S2577/A4139 Provides 3-year protection against foreclosure to owners of real property damaged during Superstorm Sandy. This bill would prevent the foreclosure of any mortgage obligation on any real property that was damaged by Superstorm Sandy for thirty-six months. 12/18/14: Passed Sen. Urban and Community Affairs Committee. 6/25/15: Assembly Floor Amendment Passed.
- S2679/A4075 Provides expedited procedure for foreclosing residential properties in uncontested actions and accesses a fee. Sponsored by Senators Rice/Cunningham and Asm. Garcia. The bill requires a payment by the lender of a $1,000 fee for using this process for expedited judgment. Half the fee will go to HMFA for the purpose of funding HUD certified housing counseling agencies. 2/22/14: Introduced in the Senate, Referred to Senate Commerce Committee. 5/7/15: Reported out of Assembly Comm. with Amendments, 2nd Reading
- A955/S1508 Creates Mortgage Assistance Pilot Program sponsored by Asm. Singleton and Sen. Van Drew. A pilot program allows a homeowner with negative home equity who is in default of a mortgage owned by the agency to lower the remaining principal owed on the mortgage to an amount more reflective of current market realities in exchange for conveying an equity share in the property to the agency. 10/2/14: Passed Asm. Appropriations Committee. 5/19/14: Passed Sen. Urban and Community Affairs Committee. No action in 2015.
- S2081/A1994 Funding for foreclosure prevention: sponsored by Asm. Green/Asw. Sumter and Sen. Rice to create a Foreclosure Prevention and Neighborhood Stabilization Revolving Trust Fund; places temporary surcharge on mortgage foreclosure complaints. The fund will be financed through a temporary $1,200 surcharge placed on each foreclosure complaint filed in the State. DCA shall provide up to $500,000 from the fund to train qualified vendors to provide training to local governments and non-profit entities undertaking neighborhood stabilization efforts. The Department may utilize $500,000 in the first year of the fund, and $300,000 each year thereafter, for the purpose of collecting and disseminating foreclosure data. Following these disbursements from the fund, the next $10 million collected during the fiscal year shall be allocated to qualified non-profit entities for the purpose of maintaining or expanding their foreclosure prevention programs. Entities receiving these funds shall issue quarterly reports detailing the success of their foreclosure prevention programs. Passed Asm. Housing Committee 3/13/14; Passed the full Senate 6/26/14. No Action in 2015.
- A3837/S1346 Foreclosure Recording of Mortgages sponsored by Asm. Coughlin/ Sen. Rice. Revises current law regarding the recording mortgages, in response to the findings from a study of mortgage recording law undertaken by the New Jersey Law Revision Commission to clarify who holds a mortgage. 10/23/14: Passed Asm. Financial Institutions and Insurance Committee. 6/23/14: Passed the Senate unanimously. No Action in 2015.
- A4506/S296 Codifies the Foreclosure Mediation Program and funds it. Sponsored by Sen. Rice. This bill also dedicates monies from foreclosure filing fees and fines to run the program. Mandates use of certified foreclosure counselors. 12/8/14: Passed Sen. Urban and Community Affairs Committee. 6/11/15: Introduced, Referred to Assembly Housing and Community Development Committee. No action in Senate in 2015.
- S2570/A3971 Extends post-military service protection against mortgage foreclosure to one year. sponsored by Sen. Beach/Asm. Mazzeo. Extends current protection under federal law which may expire Jan. 1, 2015. 12/8/14: Passed Senate Urban and Community Affairs Committee. 5/11/15: Reported out of Assembly Comm. with Amendments, 2nd Reading.
- A470/S693 Establishes New Jersey Residential Foreclosure Transformation Act sponsored by Asm. Green and Sen. Lesniak, this bill creates the “NJ Foreclosure Transformation Program” as a temporary program within the NJHMFA (“HMFA”) for the purpose of purchasing foreclosed residential properties from institutional lenders and dedicating them for occupancy as affordable homes. The HMFA shall cease the program’s operations on December 31, 2017. 6/26/14: Passed Assembly. 12/1/14: Transferred to Senate Economic Growth Committee. No action in Senate in 2015.
- S928/A2716 NJ Economic Opportunity Act of 2014 Part 1. This bill would allocate $250 million in tax credits to rehabilitate 100% affordable housing including a $50 million set-aside for smaller developments of 25-100 units. 3/27/14: Passed the Senate. 5/8/14: Received in the Assembly, Referred to Assembly Commerce and Economic Development Committee. No action in 2015.
- S934/A127 Preventing the repeal of the “Statewide Non-Residential Development Fee Act.” Sponsored by Sen. Beck/Asw. McHose and Asm. Space. We oppose this bill that would end a source of sorely needed funds for town’s to address their COAH obligations. 1/16/14: Introduced, Referred to Assembly State and Local Government Committee. 12/8/14: Passed Senate Urban and Community Affairs Committee. No Action in 2015.
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