NJ A3564

Establishes a four-year "Rent for Credit Pilot Program" within the Department of Community Affairs to help low-income tenants in subsidized housing build credit by reporting rent payments to consumer reporting agencies.

Landlords receiving state or federal housing subsidies may voluntarily participate and must provide program information to tenants; participating tenants may be charged a monthly fee of up to $10 for credit reporting services.

Tenant participation is voluntary, and all rent payments (timely, late, or missed) will be reported; tenants who stop participating must wait six months before re-enrolling.

Nonpayment of the monthly reporting fee cannot be grounds for eviction or security deposit deductions, but unpaid fees for more than 30 days will end the tenant's participation.

The Department must conduct and submit a review by February 1 of the second fiscal year, evaluating landlord and tenant participation, demographics, program costs, credit impacts, and recommendations for continuation.