Sponsored by:
Senator JOSEPH P. CRYAN
District 20 (Union)
SYNOPSIS
Removes initial mortgage period on new construction from exemptions to municipal rent control and rent leveling ordinances.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning certain exemptions from municipal rent control and rent leveling ordinances and repealing P.L.1987, c.153.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Sections 1 through 7 of P.L.1987, c.153 (C.2A:42-84.1 et seq.) are repealed.
2. This act shall take effect immediately and shall be applicable to a development for which a complete application for development has been submitted subsequent to the effective date of this act.
STATEMENT
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.