Senate approves housing bill in response to sub-prime crisis

On April 10, 2008, the Senate approved by a vote of 84-12 S.2636 “The Foreclosure Prevention Act of 2008.” The Senate bill contains supplemental CDBG funds to allow communities “to purchase foreclosed homes, at a discount, and rehabilitate or redevelop the homes to stabilize neighborhoods and stem the significant losses in house values of neighboring homes.” This funding might provide opportunities for local communities in New Jersey to utilize these properties to develop supportive housing for persons with special needs and the homeless.

Neither this bill or its companion in the House may become law even though they have secured bipartisan support.

To read the full details of the House Bill click here.

To read the full details of the Senate Bill click here.

For more details click here.

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