No legally occupied residential dwelling located within an “area
in need of redevelopment” designated in accordance with the
Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq., in
the Borough that conforms to all applicable Borough housing and maintenance
codes shall be taken by the Borough, or any of its agencies, boards
or commissions, by eminent domain for conveyance to another private
party for the purpose of economic development.