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.