NJ A4444

Clarifies that rent control exemptions under P.L.1987, c.153 apply only to multiple dwellings originally constructed for rental occupancy, excluding buildings initially constructed for sale as condominiums or cooperatives that are later converted to rentals.

Limits the exemption period to the term of the initial mortgage loan obtained before completion of construction, with the 30-year default period available only when no project-based mortgage financing was obtained.

Requires landlords claiming exemptions to provide prospective tenants with written statements disclosing the completion of construction date, initial mortgage loan term, exemption termination date, and basis for calculating that termination date.

Establishes that only the original owner who filed a claim of exemption prior to completion of construction may benefit from the exemption; subsequent property owners cannot claim or reset exemption periods through changes in ownership, financing, or legal structure.

Creates enforcement mechanisms allowing tenants to petition municipal rent boards for determinations on exemption validity, with boards required to render decisions within 90 days, and classifies material misrepresentations about exemption status as consumer fraud violations.