New Jersey S2708 revises the "Community Wealth Preservation Program" and requirements for nonprofit community development corporations.
New Jersey S2708 revises oversight of the "Community Wealth Preservation Program" and requirements for nonprofit community development corporations. The bill mandates that a sheriff’s office must deliver a fully executed deed to the successful bidder within 90 days of the sale date. It extends the statutory right of redemption for foreclosed upon defendants to 90 days post-sale. Nonprofit community development corporations must be on an approved list to bid on foreclosed properties, with annual updates required.
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