N.J. Admin. Code § 19:31V-1.19

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

Section 19:31V-1.19 - Affordability controls: restrictions on rents

(a) Rent shall be calculated so as not to exceed 30 percent of the eligible monthly income of the appropriate household size as determined pursuant to N.J.A.C. 19:31V-1.17; provided, however, that the rent shall be subject to the affordability average requirement at N.J.A.C. 19:31V-1.16.

(b) Mandatory fees or charges shall be included in the calculation of rent.

(c) Application fees (including the charge for any credit check) may not exceed five percent of the monthly rental of the applicable restricted unit.

(d) A written lease is required for all restricted rental units. Final lease agreements are the responsibility of the developer (or subsequent owner of the affordable development) and the prospective tenant. Tenants are responsible for security deposits and the full amount of the rent as stated on the lease. All lease provisions shall comply with applicable law.

(e) Those tenant-paid utilities that are included in the utility allowance shall be so stated in the lease. The allowance for utilities shall be consistent with the utility allowance as utilized by the Agency for Federal low-income housing tax credits.

N.J. Admin. Code § 19:31V-1.19

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