State Senator Eric D. Coleman
May 29, 2009
Coleman Helps Gain Approval of Bill to Protect Neighborhoods From Foreclosed Properties
The co-chair of the General Assembly’s Planning and Development Committee, Senator Eric Coleman (D-Bloomfield) has helped to gain final legislative approval of a bill that is designed to protect neighborhoods from blight, lower property values, crime and other problems because of foreclosed properties.
S.B. 951 An Act Concerning Neighborhood Protection imposes property maintenance standards on anyone who obtains title to a one-to-four family house by foreclosure. It also creates a registration system, the mortgage Electronic Registration Systems (MERS) to track the owners and properties. If an owner violates the maintenance standards, a municipality will be allowed to repair the property and fine the owner for the costs. It will also allow the municipality to place a line on the property for unpaid fines.
The registrant must maintain the foreclosed property in a manner comparable to neighborhood standards and that includes maintaining the landscaping on the properties and the replacement of broken windows.
“There are many problems that occur as a result of the current economic downturn and the increased number of foreclosures that are occurring,” said Senator Coleman. “This bill addresses one those problems in that lenders and other parties who take possession of foreclosure properties will be required to maintain such properties so that they don’t detract from the appearance of the neighborhood.”
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