Bill > S515

This bill establishes the "Security Deposit Assistance Pilot Program" in Passaic, Union, Essex, Hudson, Gloucester, Atlantic, Burlington, Camden, and Mercer counties in New Jersey. The program aims to assist low-income households in paying security deposits before entering a residential lease. The Commissioner of Community Affairs will administer the program for at least three years, approving eligible applicants and providing letters of security deposit commitment that can be used in place of a full deposit. The bill appropriates $450,000 to a "security deposit assistance fund" that will be used to reimburse landlords for any lease violations by tenants in the program. The Commissioner is required to submit a report evaluating the program's effectiveness within 36 months of its implementation and provide recommendations on continuing or expanding it to other counties.

Budget and Finance, Housing and Urban Affairs

https://www.njleg.state.nj.us/bill-search/2022/S515