Revises oversight of "Community Wealth Preservation Program" and requirements for nonprofit community development corporations.

This bill revises New Jersey's "Community Wealth Preservation Program" for foreclosure sales of residential properties. It establishes new requirements for nonprofit community development corporations that purchase foreclosed properties, including needing to be on a Department of Community Affairs list and negotiating affordable lease agreements that cap housing costs at 39% of household income. The bill creates a 30-year renewable deed restriction requiring future owners to sell properties to households earning no more than 120% of area median income or rent to households earning no more than 80% of area median income. It also extends the right of redemption for foreclosed upon defendants from 10 days to 90 days after a sale and requires sheriff's offices to provide program information in plain language.