Temporary pilot would let state officials acquire abandoned properties

State officials would establish a pilot program allowing them to acquire abandoned properties. The program would cover municipalities designated as needing stabilization and recovery. The Casino Reinvestment Development Authority would run it within the Atlantic City Tourism District. Properties must meet the legal definition of abandoned. Officials could buy properties, accept gifts, or use existing abandoned-property acquisition procedures. Properties the director finds livable would face auction within one year of designation, or within six months after the bill takes effect if previously designated abandoned by the municipality. Properties the director finds need repairs or demolition would face auction after required work finishes or three years after the Department of Community Affairs takes title, whichever comes first. The bill would take effect immediately upon enactment, and the pilot would expire December 1, 2031.

State officials would develop an agreement for a land bank to acquire property. The land bank would acquire property for the director in a municipality designated as needing stabilization and recovery. The director would choose the Department of Community Affairs, a nonprofit land bank organization, or the municipality to run the land bank. The director, municipality, and Casino Reinvestment Development Authority would jointly determine the land bank's start date.