Bill > S4240

This bill establishes the "Community Wealth Preservation Program" to expand access for certain buyers, including foreclosed upon defendants, their next of kin, tenants, and nonprofit community development corporations, to purchase property from sheriff's sales with an initial 3.5% deposit instead of the usual 20% deposit. The bill also requires sheriffs to provide notice of the upset price for the sale at least four weeks prior, limits the increase in the upset price on the day of the sale, and allows foreclosed upon defendants, their next of kin, or tenants the right of first refusal to purchase the property at the original upset price. Additionally, the bill provides certain protections and requirements for successful bidders who intend to occupy the property as their primary residence for at least 84 months.

Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2022/S4240