NJ S4845

Extends the Municipal Stabilization and Recovery Act timeframe from 109 months to 181 months (approximately 15 years total) for municipalities deemed in need of stabilization and recovery

Extends the required recovery plan duration from nine years to fifteen years, giving municipalities more time to achieve financial stability

Grants the Director of Local Government Services enhanced authority over redevelopment processes, including power to reorganize zoning and planning boards and appoint master developers, notwithstanding existing casino reinvestment laws

Expands director authority to exercise powers under both the "Long Term Tax Exemption Law" and the "Five-Year Exemption and Abatement Law" for financial rehabilitation purposes

Requires the director's final report to the Governor and Legislature by the 16th year (instead of 10th year) following a municipality's stabilization determination, with the act retroactive to December 1, 2025