55:18-6 - Schedule of rents
55:18-6.Ā Schedule of rents
a.Ā 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 termĀ of the lease, including surcharges permitted under section 7 of this act;Ā butĀ shall not exceed amounts feasible for the accommodation of tenants of low andĀ moderate income.
b.Ā The schedule of rents may provide for adjustment of rents in accordanceĀ with income levels, family size, or extraordinary financial hardships ofĀ particular tenants, in order to assure adequate accommodation of the housingĀ needs of persons of low and moderate income.
c.Ā The schedule of rents shall not be altered during the term of the leaseĀ without consent of the lessor municipality, except as the lease may provide forĀ automatic adjustments based on established operating costs; and the leaseĀ shall specify the manner in which such alterations may be from time to timeĀ proposed, negotiated, and allowed or disallowed.
L.1983, c. 335, s. 6, eff. Sept. 2, 1983.
Ā
a.Ā 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 termĀ of the lease, including surcharges permitted under section 7 of this act;Ā butĀ shall not exceed amounts feasible for the accommodation of tenants of low andĀ moderate income.
b.Ā The schedule of rents may provide for adjustment of rents in accordanceĀ with income levels, family size, or extraordinary financial hardships ofĀ particular tenants, in order to assure adequate accommodation of the housingĀ needs of persons of low and moderate income.
c.Ā The schedule of rents shall not be altered during the term of the leaseĀ without consent of the lessor municipality, except as the lease may provide forĀ automatic adjustments based on established operating costs; and the leaseĀ shall specify the manner in which such alterations may be from time to timeĀ proposed, negotiated, and allowed or disallowed.
L.1983, c. 335, s. 6, eff. Sept. 2, 1983.
Ā