The "Vacant Property Revitalization and Affordable Housing Act"; establishes fund to revitalize certain real property and revises process for tax lien holder to foreclose the right of redemption; appropriates $50 million.

The "Vacant Property Revitalization and Affordable Housing Act" (S 4653) establishes a $50 million fund to convert vacant, abandoned, or foreclosed properties into affordable housing. The fund provides competitive grants and low-interest loans to land bank entities and qualified housing nonprofits for property acquisition, rehabilitation, and development, with requirements that at least 50% of residential units be designated as affordable housing for low- and moderate-income residents. The bill also modifies tax foreclosure procedures to require service by certified mail instead of personal service, aiming to speed up property repurposing while maintaining due process protections. This legislation directly affects municipalities, property owners, housing nonprofits, and low-income residents by addressing New Jersey's housing shortage and reducing municipal tax burdens.