Bill
Bill > S3561
NJ S3561
NJ S3561Establishes "Guaranteed Rental Payment Pilot Program" for certain low-income tenants; appropriates $10,000,000.
summary
Introduced
02/09/2023
02/09/2023
In Committee
11/27/2023
11/27/2023
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
Establishes "Guaranteed Rental Payment Pilot Program" for certain low-income tenants; appropriates $10,000,000.
AI Summary
This bill establishes a "Guaranteed Rental Payment Pilot Program" within the State Rental Assistance Program to study the relationship between a tenant's credit rating and their performance under a lease. The program will select 1,000 low- or moderate-income households who have completed a housing and credit counseling program, and it will guarantee to the landlord that the program will pay for any defaults on lease payments by the participants. The bill appropriates $10 million to a "Guaranteed Rental Payment Fund" to cover these payments, and it requires the Commissioner of Community Affairs to submit a report on the program's findings after 18 months of operation.
Committee Categories
Budget and Finance, Housing and Urban Affairs
Sponsors (1)
Last Action
Referred to Senate Budget and Appropriations Committee (on 11/27/2023)
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/S3561 |
| Analysis - Statement SCU 11/27/23 | https://pub.njleg.gov/Bills/2022/S4000/3561_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/S4000/3561_I1.HTM |
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