55:18-6 - Schedule of rents - New Jersey Statutes

55:18-6.  Schedule of rents
    a.  A schedule of rents under subsection e. of section 4 of this act shall provide for total revenue sufficient to meet the necessary operating costs, debt service and other necessary commitments of the lessee over the entire term  of the lease, including surcharges permitted under section 7 of this act;  but  shall not exceed amounts feasible for the accommodation of tenants of low and  moderate income.

    b.  The schedule of rents may provide for adjustment of rents in accordance  with income levels, family size, or extraordinary financial hardships of  particular tenants, in order to assure adequate accommodation of the housing  needs of persons of low and moderate income.

    c.  The schedule of rents shall not be altered during the term of the lease  without consent of the lessor municipality, except as the lease may provide for  automatic adjustments based on established operating costs; and the lease  shall specify the manner in which such alterations may be from time to time  proposed, negotiated, and allowed or disallowed.

     L.1983, c. 335, s. 6, eff. Sept. 2, 1983.