On Monday, Governor Murphy signed into law S-362, which protects deed restrictions on affordable housing from being extinguished by foreclosure proceedings. The League supported this bill because of the positive impact it will have on ensuring the availability of affordable housing for New Jersey residents.
The new law also amends the foreclosure law to require that the municipal clerk and the Department of Community Affairs be made aware whenever a notice of foreclosure is issued for a residential property that is a unit of affordable housing subject to affordability controls. Notice is also required to be served to the municipal affordable housing liaison. The new law takes effect immediately.
Contact: Frank Marshall, Esq., League Staff Attorney, email@example.com, 609-695-3481, x137.