X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Susan R. Rubright, member of Brach Eichler. LLC Susan R. Rubright, member of Brach Eichler. LLC

New Jersey Governor Phil Murphy has signed into law a bill that will allow municipalities to create land banks that will help assemble 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 or public entity, will be able to acquire properties and act as a municipality’s agent to purchase liens at a tax sale, carry out lien foreclosures and take individual abandoned properties. The law requires a publicly accessible database of information on properties, as well the preparation of an annual report by the community advisory board on the database.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.