N.J. Admin. Code § 19:31V-1.18

Current through Register Vol. 56, No. 12, June 17, 2024

Section 19:31V-1.18 - Affordability controls: control periods for rental units

(a) Each restricted rental unit shall remain subject to the requirements of the affordability controls for a period of 45 years.

(b) The affordability control period for the restricted units shall commence on the first date that a low- or moderate-income household occupies a unit and shall terminate at the end of the period set forth at (a) above, except that the eviction or termination of tenancy (other than for good cause) of an existing tenant of any restricted unit or the increase in the gross rent with respect to any restricted unit not otherwise authorized pursuant to this subchapter shall be prohibited for an additional three years.

(c) Deeds of all real property that include restricted rental units shall contain deed restriction language as prescribed by the Authority. The deed restriction shall for the period set forth at (a) above, require compliance with the affordability controls, prohibit the sale or transfer of individual restricted units unless without the prior written consent of the Authority, and shall grant the Authority the rights set forth at N.J.A.C. 19:31V-1.10. The deed restriction shall have priority over all mortgages on the property.

(d) A restricted unit shall remain subject to the affordability controls despite the occurrence of any of the following events:

1. A sale or other voluntary transfer of the ownership of the affordable development or the restricted unit; or

2. The entry and enforcement of any judgment of foreclosure on the affordable development or the restricted unit.

N.J. Admin. Code § 19:31V-1.18

Recodified from 19:31-23A.18 56 N.J.R. 807(a), effective 5/6/2024