Bill > A5373

This bill provides a new mechanism for distressed municipalities (defined as municipalities with a municipal revitalization index distress score of 50 or greater) to acquire abandoned or vacant properties that are creating problems for their communities. The bill first defines "abandoned" or "vacant" properties by establishing a comprehensive list of 14 potential indicators, such as overgrown vegetation, disconnected utilities, accumulation of debris, boarded-up windows, and potential public safety risks. To be considered abandoned, a property must meet at least four of these conditions, and the bill also specifies certain circumstances that would NOT qualify a property as abandoned, such as properties under active renovation or seasonally occupied buildings. Municipalities in distressed areas can now acquire such properties through two primary methods: either by purchasing the property at fair market value or by exercising eminent domain. Importantly, when acquiring these properties, the municipality can subtract any unpaid taxes or municipal liens from the compensation owed to the property owner. If the property owner cannot be located, the municipality must hold the compensation in trust for one year before it can be declared abandoned. The bill's underlying purpose is to help municipalities address blight, reduce criminal activity, improve property values, increase municipal revenues, and enhance the overall quality of life for residents and businesses in areas with abandoned properties.

Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2024/A5373