Establishes standards for expiration of rental housing affordability controls.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill establishes guidelines for how rental housing affordability controls, like those designed to keep rents low for low- and moderate-income households, expire. It requires landlords to provide advance notice to tenants about the expiration date of these controls and outlines how rent increases will be handled based on the tenant’s continued income level. Specifically, if a tenant’s income remains below 80% of the regional median, the landlord cannot raise rent beyond the existing affordability controls. If the tenant’s income rises above that threshold, the landlord can then increase rent according to standard market rates.
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