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Bill > S4183
NJ S4183
NJ S4183Removes initial mortgage period on new construction from exemptions to municipal rent control and rent leveling ordinances.
summary
Introduced
11/22/2021
11/22/2021
In Committee
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill would repeal sections 1 through 7 of P.L.1987, c.153 (C.2A:42-84.1 et seq.) in order to remove the initial mortgage period on new construction from the exemptions that are required by State law to be applied to municipal rent control and rent leveling ordinances. The bill would take effect immediately, and would apply to new construction for which an application for development is submitted subsequent to the effective date of this act.
AI Summary
This bill repeals sections 1 through 7 of the New Jersey Rent Control and Rent Leveling Ordinances law (P.L.1987, c.153), which had exempted the initial mortgage period for new construction from municipal rent control and rent leveling ordinances. The bill would apply to new construction developments that submit a complete application for development after the effective date of the bill, removing this exemption and making such new construction subject to local rent control and rent leveling rules.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
Introduced, 1st Reading without Reference, 2nd Reading (on 11/22/2021)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| BillText | https://www.njleg.state.nj.us/2020/Bills/S4500/4183_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2020/Bills/S4500/4183_I1.PDF |
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