The Solution For New Jersey’s Foreclosure Problem Is Staring Us In The Face

The Solution For New Jersey’s Foreclosure Problem Is Staring Us In The Face 

| Opinion 
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By Raymond Lesniak New Jersey continues to lead the nation in the rate of foreclosed homes and is doing nothing about it. Foreclosed homes present major problems in neighborhoods. They bring down property values, attract vandalism and are a haven for drug transactions. Yet, legislation I sponsored three times over the years that got through both houses and to Gov. Chris Christie’s desk was vetoed three times. The last time Christie vetoed it, he remarked, “Tell Lesniak the third time isn’t a charm.” Kevin Walsh, associate director of the Fair Share Housing Center, recently nominated by Gov. Phil Murphy to become the state’s controller, called Christie’s veto “short-sighted. The governor doesn’t care about New Jersey’s foreclosure problem. He would rather people lose their homes than sign a sensible bill that would cost the state nothing.” My response to Governor Christie was, “The foreclosure crisis that has plagued New Jersey isn’t getting better, it’s getting worse. We not only have the highest rate of mortgage foreclosures in the nation, this is the only state that the foreclosure rate increased during the most recent three-month period.

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 This ongoing crisis is both a symptom and a cause of a struggling state economy. It was both a housing failure and an economic failure under Governor Christie. His indifference to the economic crisis dragged down our recovery, which in turn depressed home values and allowed vandalism and crime to spread in neighborhoods with empty homes. Three times we sent Christie legislation to help resolve this issue and three times he turned his back on the problem by repeatedly vetoing the Residential Foreclosure bill. It’s tragically obvious that the mortgage crisis won’t correct itself and it is equally obvious that the state’s economy is chronically impaired. But all is not lost. Senators Nilsa Cruz-Perez and Troy Singleton have legislation similar to the bill that Christie passed on three times. It would authorize the Housing and Mortgage Housing Agency (HFMA) to facilitate the conversion of abandoned foreclosed homes into affordable housing for our residents. HMFA would use municipal and state funds available for affordable housing. A great way to accomplish two policy objectives at the same time. Money allocated for affordable housing would be used to stop foreclosures and those properties, in turn, would be used as affordable housing.

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 Legislation drafted previously by Sen. Joseph M. Kyrillos Jr. And myself would then provide tax incentives to close any financing gap to purchase these homes, which have made a negative impact on communities throughout the state. The solution for New Jersey’s highest in the nation foreclosure problem is already there, staring us in the face. Raymond (“Ray”) Lesniak served in the State Senate from 1983 to 2018 and in the General Assembly from 1978 to 1983. The Star-Ledger/NJ.Com encourages submissions of opinion. Bookmark NJ.Com/Opinion. Follow us on Twitter @NJ_Opinion and on Facebook at NJ.Com Opinion. Get the latest news updates right in your inbox. Subscribe to NJ.Com’s newsletters. Note to readers: if you purchase something through one of our affiliate links we may earn a commission.