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

Keanu Reeves Set to Play Daniel Burnham in ‘The Devil in the White City’
Planning is going to get a new level of star power as a limited series adaptation of The Devil in the White City gets ready for television screens in 2024.

Opinion: Aging Population, Declining Fertility Requires Long-Term Investments
Faced with the dire consequences of a one-two punch of aging populations and declining birthrates, one writer has suggestions for how policy can help ensure a better future.

Marrying Urban Identity and Economic Prosperity
A new book posits that truly successful communities have a strong economic base and a firmly rooted sense of place.

Free Transit Starts September 1 for Seattle Youth
Sound Transit is launching a fare-free program for young riders in the hopes of educating and recruiting future riders and making schools and jobs more accessible to transit-dependent youth.

California Governor Outlines Plan for a ‘Hotter, Drier Future’
With California’s water supply expected to drop by 10 percent in the next two decades, Governor Newsom’s strategy calls for conservation and increased investment in water collection, storage, and desalination infrastructure.

Sealing the Cracks in Weatherization and Home Repair
Deferred home maintenance can lead to serious structural, safety, and health issues. A new program in Pennsylvania aims to fill the gaps in home repair and weatherization programs.
City of Mt Shasta
McKenna
Economic & Planning Systems, Inc.
Cohousing Association of the US
HUD's Office of Policy Development and Research
Rail~Volution
Sun City Center Community Association, Inc
City of Mesa
Town of Gilbert, Arizona
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.
Hand Drawing Master Plans
This course aims to provide an introduction into Urban Design Sketching focused on how to hand draw master plans using a mix of colored markers.