On Wednesday, Governor Murphy signed into law S-1214, which would authorize a municipality to enter into an agreement with a non-profit or a redevelopment entity to serve as the municipality's land banking entity. The League supported this permissive legislation, which expands upon a critical tool for redevelopment.
Under the new law, a municipality may convey municipally-owned property and assign municipally-owned liens to the land bank entity. In addition, the bill permits the land bank to acquire property by gift or purchase, and to serve as the municipality’s agent for the purposes of purchasing tax liens, foreclosing on liens, and foreclosing on abandoned property.The enabling ordinance authorized by the new law may permit the new land bank to:
• acquire property on behalf of the municipality;
• demolish and otherwise clear buildings and conduct other site improvements;
• maintain and secure property, and
• lease or convey property.
Contact: Michael F. Cerra, Assistant Executive Director, email@example.com, 609-695-3481 x120.