The "Vacant Property Revitalization and Affordable Housing Act" seeks to tackle New Jersey's housing crisis by creating a Vacant Property Revitalization Fund, which will offer competitive grants and low-interest loans to land bank entities and qualified housing nonprofits for the acquisition, rehabilitation, and development of vacant, abandoned, or foreclosed properties into affordable housing. The bill allocates $50 million for this initiative and introduces a streamlined process for tax lien holders to foreclose the right of redemption on these properties. Notably, it allows foreclosure notices to be served by certified mail instead of requiring personal service, which is expected to expedite property repurposing and lessen the financial strain on municipalities and renters.

Additionally, the bill amends the In Rem Tax Foreclosure Act to facilitate the foreclosure process for municipalities and tax lien holders, reducing the waiting period for initiating foreclosure actions from six months to three months after the tax sale. It also clarifies that the foreclosure process does not equate to a sale or transfer of title under the Uniform Voidable Transactions Act. The legislation mandates that at least 50% of acquired properties be dedicated to low- and moderate-income housing and requires the implementation of tenant protection and anti-displacement strategies. Furthermore, it establishes penalties for non-compliance and mandates the New Jersey Housing and Mortgage Finance Agency to maintain a public dashboard to track the outcomes of funded projects, ensuring transparency and accountability in the use of state resources for affordable housing development.

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