Sponsors of a measure that would allow New Jersey towns to convert foreclosed homes into affordable housing expect the Legislature to take final action on the legislation on Thursday. Differing versions of Assembly and Senate bills need to be reconciled.

The legislation would form the New Jersey Foreclosure Relief Corporation and allow towns to use money from the state’s affordable housing trust fund to purchase foreclosed properties.

Affordable housing advocates support the measure.

Kevin Walsh is associate director of the Fair Share Housing Center.

 “The supply is there. The homes aren’t occupied. That’s bad for communities. At the time there’s people, working families, who need this housing. This is just an opportunity that can’t be lost.”

Bill Dressel, executive director of the New Jersey League of Municipalities, expects local governments would welcome the legislation.

 “We know that there are mayors out there that are literally looking at any option that they can pursue to get these properties on the tax roles and most importantly to provide affordable housing.”

Assembly Republican Leader Jon Bramnick says starting a new government bureaucracy  to manage property is not the best way to deal with the foreclosure problem. He doubts Governor Christie would sign the bill.

“If we’re going to deal with the affordable housing issue we should do it in a global basis hopefully with a Supreme Court review not on a piecemeal basis where we have to fund a new entity. I just don’t see how New Jersey gets that right.”