New Jersey § 2a:42-115

§ 2a:42-115.

The Legislature finds and declares that: a. Many citizens of New Jersey are adversely affected by blighted residential property,

including both those who live in buildings that fail to meet adequate standards for

health, safety and welfare or fail to meet reasonable housing code standards, and

those who live in proximity to such buildings; b. Substandard and deteriorating buildings are a public safety threat and nuisance,

and their blighting effect diminishes health, public safety and property values in

the neighborhoods in which they are located; c. Left to deteriorate over time, these substandard and deteriorating buildings are

likely to be abandoned, thereby endangering neighborhood residents and resulting in

increased costs to the municipalities in which they are situate; d. The abandonment of substandard buildings furthermore results in the displacement

of lower income tenants, thereby increasing the demand for affordable housing, which

is already in short supply, and exacerbating homelessness faced by the citizens of

New Jersey; e. The number of distressed multifamily buildings in the State which could be maintained

as safe, affordable housing could be significantly increased if adequate public resources

were made available to alleviate negative conditions in the rental housing stock throughout

the State; f. While it is important to provide incentives for landlords to better maintain and

improve their properties, it is recognized that there are situations in which it is

necessary for other parties to intervene in the operation and maintenance of multifamily

buildings, a procedure known as receivership, in order to ensure that they are not

abandoned, and that they are maintained as sound, affordable housing, consistent with

codes and safety requirements; g. When receivership becomes necessary, receivership activities and the implementation

of receivership plans may be supported by grants and loans to be made available out

of a newly-created Preservation Loan Revolving Fund, as provided hereunder; and h. In order to ensure that the interests of all parties are adequately protected,

it is essential that State law provide clear standards and direction to guide the

parties with respect to all aspects of receivership.