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NJ S595
NJ S595Restricts occupancy of dwelling unit in age-restricted community to older adults following resale.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill requires dwelling units in an age-restricted community that are transferred by resale to remain occupied by households that will allow the age-restricted community to remain "housing for older persons," as defined by the federal "Fair Housing Amendments Act of 1988," 46 U.S.C. ss.3601 et seq. This bill also clarifies the definition of "resale" in P.L.2008, c.71 to provide that resale includes mortgage and tax foreclosure sales, execution sales, and bankruptcy sales. The sponsors intend this legislation to preserve age-restricted properties' unique status by requiring that dwelling units transferred by resale, even for affordable housing purposes, continue to be occupied by older adults.
AI Summary
This bill requires that dwelling units in an age-restricted community, even those transferred through resale (including mortgage and tax foreclosure sales, execution sales, and bankruptcy sales), must continue to be occupied by households that allow the community to maintain its status as "housing for older persons" under the federal Fair Housing Amendments Act of 1988. The sponsors intend this legislation to preserve the unique status of age-restricted properties by ensuring that units transferred through resale, even for affordable housing purposes, remain occupied by older adults.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 01/09/2024)
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/2024/S595 |
| BillText | https://pub.njleg.gov/Bills/2024/S1000/595_I1.HTM |
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