New Jersey § 55:18-2
Full text of New Jersey New Jersey Statutes § 55:18-2, with citation guidance and answers to common questions.
§ 55:18-2.
When a municipality holds title to any lot, parcel, or tract of real property that
includes a residential or nonresidential structure, if the municipal governing body
determines that: a. The structure if nonresidential cannot in the foreseeable future be put to economically
feasible use in its intended purpose; or if residential, requires rehabilitation
to provide safe, sanitary and decent housing accommodations; and b. The property is not needed for public use by the municipality; and c. Conversion of the nonresidential structure to a residential structure, or rehabilitation
of the residential structure, would be practicable and would help to meet a need within
the municipality for housing for persons of low to moderate income; then the municipal
governing body may (1) lease the property and structure to a housing corporation or
resident first-time homebuyer under terms requiring the lessee to undertake such rehabilitation
or conversion and to maintain and operate the converted property for residential purposes
in accordance with the provisions of this act and of the lease made under authority
of this act and (2) subordinate the municipal interest in the property and structure
to any mortgage provided pursuant to financing the rehabilitation or conversion of
the structure.
Frequently Asked Questions About New Jersey § 55:18-2
What does New Jersey Statutes § 55:18-2 cover?
Section 55:18-2 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 55:18-2?
A common citation format is "New Jersey Statutes § 55:18-2" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 55:18-2 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.