NJ A3328

Landlords must compensate displaced residential tenants with 12 months' rent plus reasonable moving truck costs when evicting for renovation purposes or when claiming personal occupancy but actually renovating within six months

Payment is due five days before the tenant vacates or within five days of displacement; unpaid amounts accrue 18% annual interest

If compensation is not paid in full within 30 days, the unpaid balance plus an additional 12 months' rent becomes a lien on the property with mortgage-lien priority

Landlords requesting tenants vacate for renovation must provide written notice at least one month before the requested departure date, with leased tenants protected until their lease expires

The Commissioner of Community Affairs must publish a model notice on the department website stating the limited circumstances under which landlords can legally evict for renovation purposes