Establishes land redevelopment trusts to acquire and rehabilitate dilapidated, abandoned, and tax-delinquent properties.

The bill creates land redevelopment trusts, which are public agencies authorized to acquire and rehabilitate dilapidated, abandoned, and tax-delinquent properties. These trusts can be formed by one or more municipalities and are exempt from taxation. They have the exclusive right to purchase tax sale certificates for eligible properties before the public nuisance tax sale. The bill outlines procedures for the trusts to acquire, hold, and dispose of properties, and it sets rules for conflicts of interest and financial transactions.

Establishes land redevelopment trusts to acquire and rehabilitate dilapidated, abandoned, and tax-delinquent properties.

The bill creates land redevelopment trusts, which are public agencies authorized to acquire and rehabilitate dilapidated, abandoned, and tax-delinquent properties. These trusts can be formed by one or more municipalities and are exempt from taxation. They have the exclusive right to purchase tax sale certificates for eligible properties before the public nuisance tax sale. The bill outlines procedures for the trusts to acquire, hold, and dispose of properties, and it sets rules for conflicts of interest and financial transactions.