New JerseyState agencies could acquire abandoned properties through a temporary program
State officials would set up a temporary program allowing agencies to acquire abandoned properties in towns designated for financial recovery and would prepare a land bank agreement.
What it does
State agencies would run a pilot allowing them to acquire abandoned properties in towns designated as needing financial stabilization and recovery until December 1, 2031.
Within six months of enactment, state officials would prepare a land bank agreement to acquire property in towns designated as needing financial stabilization and recovery. Officials would separately choose its start date.
Argument forRepairs or demolition of listed, state-owned properties needing work, paired with faster permit reviews, could help towns address abandoned buildings.
Argument againstThe three-year auction deadline could put properties up for sale before needed repairs or demolition are finished.
More detail
State agencies would run a temporary program that allows them to acquire abandoned properties. The program would cover legally abandoned properties in municipalities designated as needing financial stabilization and recovery. Acquisitions could use purchases, gifts, or existing abandoned-property procedures. The state could repair or demolish listed properties the director finds need work after the Department of Community Affairs gains ownership. The Casino Reinvestment Development Authority would run the program within the Atlantic City Tourism District. The bill would take effect immediately upon enactment; the pilot would expire December 1, 2031.
State officials would develop an agreement for a land bank, an organization that acquires property. The agreement would cover acquiring property for the state director in a municipality designated as needing financial stabilization and recovery. The director would choose the Department of Community Affairs, a nonprofit land bank, or a municipality designated as needing financial stabilization and recovery to carry out the agreement. State officials and the municipality would choose when the land bank starts. The agreement would be due within six months after the bill takes effect.
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Where it stands
- Introduced
- Passed 1st Chamber
- Passed 2nd Chamber
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Oct 22Introduced in the Senate, Referred to Senate Community and Urban Affairs CommitteeIntroduced
HousingGovernment & Ethics