September2017

problem of abandoned and blighted homes. LAC support was essential to enact legislation which enabled municipalities to address these issues. We were aligned with the League to get the bill passed. Once signed into law, the CAI-NJ sent letters to every district in the state with a sample ordi- nance to implement and enforce the new legislation. My Association fol- lowed up with our township to ensure we were protected by the law. Many other CAI-NJ members spoke with local officials to encourage enacting the local ordinances. Every municipality should be con- cerned with ‘zombie’ mortgages. LAC is strongly backing “expedited fore- closure” reform legislation (S1832 / A3823). This legislation will improve neighborhoods by requiring lenders to either expedite their foreclosure actions on vacant properties within CICs or choose between paying the association maintenance fees or consenting to the appointment of a fiscal receiver to rent the properties during the pendency of the foreclosure actions. The legislation will improve the standard of living in all neigh- borhoods, and we hope you get the support of your mayor and have them ask that the League support it as well. Municipalities should be very sup- portive of another bill CAI-NJ was successful in getting passed. A2060 passed both houses in late June and awaits the Governor’s signature. It will require lenders to consider all short sale offers within sixty days, thereby speeding up the lengthy foreclosure process in the state. Lenders have not been responding in a timely period to legitimate offers, causing properties to

remain vacant for longer periods than desired. Municipal elected officials and CIC members have a mutual interest in eliminating foreclosed prop- erties and should join forces with us in our efforts. We need to remind those officials that we fought for this bill and to support us in these kinds of fights. The LAC strongly opposes A1425 which would change municipal per- formance bonding requirements. If enacted, it would have significant adverse impacts on CICs and munic- ipalities trying to protect residential developments. As written, municipal- ities would only be able to require developers to post performance guar- antees that cover improvements being dedicated to a public entity. Private streets, storm drainage ponds and basins, common grounds, to name a

"Municipalities should be very supportive of another bill CAI‑NJ

was successful in getting passed."

few, would not be covered by munic- ipal performance and maintenance bonds. Municipalities should be very concerned with this bill, which is strongly supported by the commercial real estate and builders’ lobbies. CAI- NJ members should encourage local elected officials to ask the League to join CAI-NJ in opposing the bill. The LAC also is actively fighting against A3656 which would prohibit CONT I NU E S ON PAGE 58

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