Notwithstanding N.J.S.A. 54:5-19 or the provisions
of any other law to the contrary, if a property is included on the
abandoned property list and the property taxes or other City liens
due on the property are delinquent six or more quarters as of the
date of expiration of the right to appeal inclusion on the list, or,
if an appeal has been filed, as of the date that all opportunities
for appeal of inclusion on the list have been exhausted, then the
tax lien on the property may be sold in accordance with the procedures
in the "Tax Sale Law," N.J.S.A. 54:5-1 et seq., on or after the 90th
day following the expiration of that time of appeal or final determination
on an appeal, as appropriate. The City of Hackensack may, at its option,
require that the sale of the tax sale certificate or any subsequent
assignment or transfer of a tax sale certificate held by the City
be subject to the express condition that the purchaser or assignee
shall be obliged to perform and conclude any rehabilitation or repairs
necessary to remove the property from the abandoned property list
pursuant to Section 36 of P.L. 1996, c. 62 (N.J.S.A. 55:19-55) and
to post a bond in favor of the City to guarantee the rehabilitation
or repair of the property. The public officer may waive a requirement
to post a bond imposed by the City of Hackensack for any purchaser,
assignee or transferee of a tax sale certificate that provides documentation
acceptable to the public officer that the purchaser, assignee or transferee
is a qualified rehabilitation entity as defined in Section 3 of P.L.
2003, c. 210 (N.J.S.A. 55:19-80). The cost of rehabilitation and repairs
and the cost of the bond shall be added to the amount required to
be paid by the owner for redemption of the property. The purchaser,
assignee or transferee of the tax sale certificate who is required
to rehabilitate and repair the property shall be required to file
the appropriate affidavits with the Tax Collector, pursuant to N.J.S.A.
54:5-62, representing the amounts of monies expended periodically
toward the rehabilitation or repair of the property. A purchaser,
assignee or transferee shall be entitled to interest on the amounts
expended, as set forth in the affidavits, at the delinquent rate of
interest for delinquencies in excess of $1,500 pursuant to N.J.S.A.
54:4-67 of the City of Hackensack in effect for the time period when
the amounts were expended. The tax sale certificate purchaser, assignee
or transferee, under the auspices and with the Authority of the City
of Hackensack, shall be permitted to enter in and upon the property
for the purposes of appraising the costs of rehabilitation and repair
and to perform all other acts required to guarantee the completion
of the rehabilitation or repair of the property. No rehabilitation
or repair work shall be commenced, however, until proof of adequate
liability insurance and an indemnification agreement holding the City
of Hackensack harmless is filed with the public officer. If the tax
sale certificate is not purchased at the initial auction of the tax
sale certificate and the City of Hackensack purchases the certificate
pursuant to N.J.S.A. 54:5-34, then the City of Hackensack is authorized
and empowered to convey and transfer to the Authority or any of its
subsidiaries, without receiving compensation therefor, all of its
right, title and interest in that certificate; however, any portion
of the amount paid to the Tax Collector to redeem the tax sale certificate
that represents tax or other City lien delinquencies and subsequent
City liens, including interest, shall be returned by the Tax Collector
of the City of Hackensack.