A bill passed by the New Jersey state legislature would discourage investors from buying and flipping homes while giving households that have experienced foreclosure first bidding rights on auction properties.

As Ashley Balcerzak reports for NorthJersey.com, “New Jersey may make it easier for family members, lower income bidders and community nonprofits to purchase foreclosed homes under a bill sent to Gov. Phil Murphy on Wednesday reworking the sheriff's sale process to prioritize these buyers and discourage large investors from flipping those properties.”
Residents who have experienced foreclosure or their family members would get the first opportunity to bid on the foreclosed property or the right of first refusal at the bid price. “And if a distressed homeowner can’t secure financing, they or a family member can request that a community development group buy the property and the nonprofit would have the second right of refusal, or second shot, at the bid price. If a housing nonprofit wins the bid on a foreclosed property, it would be required to restore and sell the house to a low-income family making no more than 120% of the county’s median income, or else rent the home to a family making below 100% of the county’s median income.”
As the article notes, “New Jersey consistently tops rankings of states with the highest foreclosure rates in the country. Data from May 2022 shows that one out of every 2,346 housing units were in foreclosure in the Garden State, the most behind only Illinois, according to a report from ATTOM, which analyzes nationwide real estate data.” On top of that, “A Rutgers study found almost half of residential sales in Newark went to institutional investor buyers, which contributed to ‘rapidly rising rents, decreased homeownership, higher barriers to affordable housing production goals, renter displacement and less stable communities,’ according to report by authors David Troutt and Katharine Nelson.”
The article outlines how the program would work and the restrictions placed on buyers which aim to “keep the wealth in the community, to empower residents through homeownership and not just serve as low hanging fruit to outside investors who are trying to come in and capture these properties for pennies on the dollar,” according to the bill’s sponsor, Assemblywoman Britnee Timberlake, D-Essex.
FULL STORY: Bill headed to Murphy would help low-income bidders buy foreclosed homes in NJ more easily

Maui's Vacation Rental Debate Turns Ugly
Verbal attacks, misinformation campaigns and fistfights plague a high-stakes debate to convert thousands of vacation rentals into long-term housing.

Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

In Urban Planning, AI Prompting Could be the New Design Thinking
Creativity has long been key to great urban design. What if we see AI as our new creative partner?

Making Shared Micromobility More Inclusive
Cities and shared mobility system operators can do more to include people with disabilities in planning and operations, per a new report.

Car Designs Make it Harder to See Pedestrians
Blind spots created by thicker pillars built to withstand rollover crashes are creating dangerous conditions for people outside vehicles.

Cal Fire Chatbot Fails to Answer Basic Questions
An AI chatbot designed to provide information about wildfires can’t answer questions about evacuation orders, among other problems.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Appalachian Highlands Housing Partners
Gallatin County Department of Planning & Community Development
Heyer Gruel & Associates PA
Mpact (founded as Rail~Volution)
City of Camden Redevelopment Agency
City of Astoria
City of Portland
City of Laramie