S 3049
Allows certain senior citizens to apply for rent increase limit.
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- Passed Senate
- Passed General Assembly
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- Became Law
Bill overview
This bill, the "Senior Citizen Tenant Protection Act," aims to protect senior citizens (age 55 or older) with fixed incomes from excessive rent increases. It allows eligible tenants to apply for ‘protected senior citizen tenant’ status, which limits rent increases to the annual index rate factor, adjusted for inflation. Landlords can apply for waivers if they face financial hardship due to the rent limit, and tenants who reside in municipalities with rent control ordinances are subject to those regulations instead. The bill also establishes a process for determining the annual index rate factor and sets income limits for eligibility.
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