N.J. Stat. § 54:5-19.2
As used in this act:
"Director" means the Director of the Division of Local Government Services in the Department of Community Affairs.
"Property" means parcels of land and their improvements on which the municipality holds a tax lien, or which were acquired by the municipality through the property tax foreclosure process, and including such parcels that the municipality possesses and for which it acts as a receiver pursuant to section 1 of P.L. 1942, c.54 (C.54:5-53.1).
"Qualified municipality" means a municipality that is qualified to receive assistance under P.L. 1978, c.14 (C.52:27D-178 et seq.), a municipality under the supervision of the Local Finance Board pursuant to the provisions of the "Local Government Supervision Act (1947)," P.L. 1947, c.151 (C.52:27BB-1 et seq.), a municipality that has issued qualified bonds pursuant to the provisions of the "Municipal Qualified Bond Act," P.L. 1976, c.38 (C.40A:3-1 et seq.) or a municipality identified by the director to be facing serious fiscal distress.
N.J.S. § 54:5-19.2