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NJ S4653
Bill
Status
6/23/2025
Primary Sponsor
Troy Singleton
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AI Summary
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Establishes the Vacant Property Revitalization Fund with a $50 million appropriation to provide grants and low-interest loans to land bank entities and housing nonprofits for acquiring, rehabilitating, and converting vacant, abandoned, or foreclosed properties into affordable housing
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Reduces foreclosure timeline for municipalities holding tax sale certificates from six months to three months, and for other certificate holders from two years to one year
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Requires that at least 50% of acquired residential properties be dedicated to low- and moderate-income housing, with 20-year deed restrictions on affordability for units developed with fund money
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Changes service of process requirements for foreclosure complaints from personal service to certified mail (with newspaper publication), allowing personal service only if certified mail is returned undeliverable or the address is disputed
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Imposes penalties on grant recipients who violate fund requirements, including liability equal to the grant amount in Attorney General actions, plus allowing private enforcement suits by affected parties to recover 50% of the grant plus attorney's fees
Legislative Description
The "Vacant Property Revitalization and Affordable Housing Act"; establishes fund to revitalize certain real property and revises process for tax lien holder to foreclose the right of redemption; appropriates $50 million.
Community and Urban Affairs
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee
6/23/2025