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

This bill revises New Jersey's Community Wealth Preservation Program to help homeowners and tenants retain housing during foreclosure. It requires nonprofit community development corporations that purchase foreclosed properties to follow a 30-year deed restriction, mandating they sell or rent to households earning no more than 120% of area median income and spending no more than 35% of income on housing costs, with an exception for nonprofits that have written agreements with homeowners to sell properties back to them. The bill also creates a new list of approved nonprofits that must be vetted by the Department of Community Affairs before bidding, extends the homeowner's right of redemption from 10 to 90 days after a sale, and sets new requirements for lease agreements between nonprofits and tenants.