New Jersey Governor Phil Murphy has signed into law a bill thatwill allow municipalities to create land banks that will helpassemble and sell “blighted properties.” The measure, known as the“New Jersey Land Banking Law,” provides that land bank entities,which can be a municipality or designated nonprofit organization orpublic entity, will be able to acquire properties and act as amunicipality's agent to purchase liens at a tax sale, carry outlien foreclosures and take individual abandoned properties. The lawrequires a publicly accessible database of information onproperties, as well the preparation of an annual report by thecommunity advisory board on the database.

Governor Christie vetoed similar legislation in the past, butthe current administration believes that land banks will help turnaround neglected properties to revitalize communities throughoutthe State.  But will they?