This Web version COPYRIGHT 2002 GET NJ

An owner of a multiple dwelling of five (5) or more units is entitled to a Hardship Rental Increase if the building is not yielding a "Fair Return" on their investment. A fair return is defined as 6% above the passbook demand in a saving account of any bank in the area. The return is calculated on equity in the landlord's property investment. The equity is the down payment plus any accrued principal payments on the mortgage. An owner must own the building at least nine (9) months before an application for a hardship can be made. The application must reflect the income and expenses for a period of twelve (12) months prior to the application filing, and is to be documented by copies of bills, canceled check, mortgage notes, deed, amortization schedules, and other items as detailed in the Rent Leveling Ordinance. A tenant may request a copy of the landlord's application and supporting documentation and have these materials provided no later than five (5) days prior to a hearing date. A hearing is scheduled before a Hearing Officer affording the opportunity for all parties to present their position. The Hearing Officer will forward a report and recommendation to all parties with an interest in the application. Any party may submit written exceptions to the report which will be reviewed by the Rent Leveling Board at a caucus meeting when deliberating on the hardship rental increase. No increase is be imposed on a tenant without the approval of the Rent Leveling Board. If approved the landlord must supply each tenant with a 30 day notice of any approved hardship increase in compliance withN.J.S.A.2A:18-61.1F.

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