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, emphasizing the importance of prioritizing low- and moderate-income housing and collaborating with local nonprofits in areas with high vacancy rates. Additionally, it mandates the establishment of a public dashboard to monitor the progress and outcomes of revitalization efforts.

To enhance the efficiency of the foreclosure process for tax lien holders, the bill amends existing laws by reducing the waiting period for initiating foreclosure actions from two years to one year for non-municipal purchasers and from six months to three months for municipalities. It also allows for service by certified mail instead of requiring personal service, which is expected to expedite the process. The bill introduces new provisions for tax sale certificate holders to access abandoned properties after notifying the owner, and it modifies service requirements for foreclosure actions to include publication and certified mail. Furthermore, it establishes penalties for non-compliance by land bank entities or housing nonprofits and requires annual reporting on the fund's outcomes, ensuring a focus on tenant protection and anti-displacement strategies.

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