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Bill > A2389
NJ A2389
NJ A2389Removes initial mortgage period on new construction from exemptions to municipal rent control and rent leveling ordinances.
summary
Introduced
02/07/2022
02/07/2022
In Committee
02/07/2022
02/07/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 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 would repeal sections of a 1987 law that exempted the initial mortgage period on new construction from municipal rent control and rent leveling ordinances. The purpose is to remove this exemption, so that new construction would be subject to such local rent regulations. The bill would take effect immediately and apply to new development applications submitted after the effective date.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
Introduced, Referred to Assembly Housing Committee (on 02/07/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/A2389 |
| BillText | https://www.njleg.state.nj.us/Bills/2022/A2500/2389_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/A2500/2389_I1.PDF |
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