The "Vacant Property Revitalization and Affordable Housing Act" is designed to tackle New Jersey's housing crisis by creating a $50 million Vacant Property Revitalization Fund. This fund will provide competitive grants and low-interest loans to land bank entities and qualified housing nonprofits for the acquisition, rehabilitation, and development of affordable housing. Key provisions include modifications to the foreclosure process, allowing for service by certified mail instead of personal service, which is expected to expedite the repurposing of foreclosed properties. The bill mandates that at least 50% of acquired residential properties be allocated for low- and moderate-income housing and includes tenant protection and anti-displacement strategies, with penalties for non-compliance to ensure accountability.

Additionally, the bill amends existing laws regarding the foreclosure of tax liens and the management of abandoned properties. It allows tax sale certificate holders to serve notice of foreclosure actions through publication and certified mail, streamlining the process while ensuring compliance with due process requirements. The timeframe for tax lien holders to foreclose the right of redemption is reduced, and property owners or heirs can request a judicial sale to protect their equity. The legislation emphasizes the need for state investment to alleviate the burden of vacant properties on municipalities and enhance affordable housing availability, ultimately supporting equitable economic development and addressing the state's housing emergency.

Statutes affected:
Introduced: 54:5-104.32, 54:5-104.34, 54:5-104.42