The New Jersey Housing and Mortgage Finance Agency (NJHMFA), a state agency dedicated to increasing the availability of and accessibility to safe, decent and affordable housing, unanimously voted to temporarily suspend rent increases at all eligible properties within the agency’s portfolio as a result of the COVID-19 pandemic.
This temporary suspension of rent increases will expire at the end of the State of Emergency upon rescission of Governor Murphy’s Executive Order No. 103. Thereafter, eligible properties within the agency’s portfolio seeking rent increases of up to 1.4% may do so only after providing 30-days prior notice to NJHMFA and residents. Any rent increases in excess of this amount must first be reviewed and approved by NJHMFA.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.