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TRENTON—A legislative proposal to create a New Jersey Foreclosure Relief Corp. that would permit municipalities to buy foreclosed homes and offer them as affordable housing is striking various commercial estate specialists as a creative approach worth serious consideration. “It sounds like it has the potential to help stabilize neighborhoods and also address some of the state's affordable housing goals,” says Gualberto (Gil) Medina of Cushman & Wakefield's East Rutherford, NJ office.

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