New Jersey Statutes Title 40. Municipalities and Counties 40 § 60-40.8

When the governing body of the municipality shall determine that such an owner or owners are qualified to make application pursuant to this act and that the municipality has a parcel or parcels of land not needed for public use, it may, by ordinance, authorize the sale and conveyance of such parcel or parcels of real property described therein to any such applicant or applicants, at private sale, for residential purposes only, at a fair market price to be fixed by the governing body after obtaining at least 2 independent appraisals thereof by licensed real estate brokers, within a period of time specified in the ordinance, upon such terms and conditions as shall be specified by the governing body. Such ordinance shall provide that the sale and conveyance shall be made subject to covenants that the grantee shall, within 2 years from the date of the deed or such lesser period of time specified therein, construct residential improvements thereon of a specified minimum cost and that the grantee shall not make a voluntary sale and conveyance of the premises for the period of 1 year from the date of the deed. On application, and upon good cause being shown, the governing body may, by resolution, extend the time specified for the construction of the improvements to the premises for an additional period not in excess of 1 year.