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New Jersey Statutes, Title: 2A, ADMINISTRATION OF CIVIL AND CRIMINAL JUSTICE
Chapter 42: Landlord's lien for rent; amount; taking goods or chattels to satisfy
Section: 2A:42-84.2: Applicability of municipal rent control ordinances
2. a. In any municipality which has enacted or which hereafter enacts a rent control or rent leveling ordinance, other than under the authority of P.L.1966, c.168 (C.2A:42-74 et seq.), those provisions of the ordinance which limit the periodic or regular increases in base rentals of dwelling units shall not apply to multiple dwellings constructed after the effective date of this act, for a period of time not to exceed the period of amortization of any initial mortgage loan obtained for the multiple dwelling, or for 30 years following completion of construction, whichever is less.
b. In the event that there is no initial mortgage financing, the period of exemption from a rent control or rent leveling ordinance shall be 30 years from the completion of construction.
L.1987,c.153,s.2; amended 1999, c.291, s.1.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 2a:42-84.2 (if available):
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