ASSEMBLY, No. 3288 STATE OF NEW JERSEY 221st LEGISLATURE PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION
ASSEMBLY, No. 3288
STATE OF NEW JERSEY
221st LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION
Sponsored by: Assemblyman BENJIE E. WIMBERLY District 35 (Bergen and Passaic) SYNOPSIS Removes initial mortgage period on new construction from exemptions to municipal rent control and rent leveling ordinances. CURRENT VERSION OF TEXT Introduced Pending Technical Review by Legislative Counsel.
Sponsored by:
Assemblyman BENJIE E. WIMBERLY
District 35 (Bergen and Passaic)
SYNOPSIS
Removes initial mortgage period on new construction from exemptions to municipal rent control and rent leveling ordinances.
CURRENT VERSION OF TEXT
Introduced Pending Technical Review by Legislative Counsel.
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 are repealed. 2.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.
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 are repealed.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.