N.J. Stat. § 40A:12A-79: Land bank entity to act on behalf of municipality.

6. Pursuant to the land banking agreement or any subsequent amendment thereto, the land bank entity may be designated by the municipality to:

a. acquire properties on its behalf through contribution, gift, grant, bequest, purchase or otherwise, whether or not the property is located in an area designated as a redevelopment area or an area in need of rehabilitation; and

b. act as its agent, or in place of its municipal officer, with respect to acquisition of property, including but not limited to purchase of tax and other liens, foreclosure of tax and other liens, and individual abandoned property takings pursuant to paragraph (2) of subsection c. of section 37 of the "New Jersey Urban Redevelopment Act," P.L.1996, c.62 (C.55:19-56) on behalf of the municipality and to acquire and hold in trust such properties on behalf of the municipality; provided, however, that nothing in this section shall authorize the use of eminent domain beyond that use already permitted by law.

L.2019, c.159, s.6.