Loading chat...

NJ A3288

Bill

Official Source

Status

Introduced

1/9/2024

Primary Sponsor

Al Abdelaziz

Click for details

Origin

General Assembly

2024-2025 Regular Session

AI Summary

  • Repeals sections 1 through 7 of P.L.1987, c.153 (C.2A:42-84.1 et seq.), which currently exempt new construction from municipal rent control during the initial mortgage period
  • Removes the initial mortgage period exemption that State law requires municipalities to apply to their rent control and rent leveling ordinances
  • Takes effect immediately upon enactment
  • Applies only to developments for which a complete application for development is submitted after the effective date of this act
  • Existing developments with applications submitted before the effective date would not be affected by this change

Legislative Description

Removes initial mortgage period on new construction from exemptions to municipal rent control and rent leveling ordinances.

Housing

Last Action

Introduced, Referred to Assembly Housing Committee

1/9/2024

Committee Referrals

Housing1/9/2024

Full Bill Text

No bill text available