N.J. Admin. Code § 5:80-9.7

Current through Register Vol. 56, No. 21, November 4, 2024

Section 5:80-9.7 - Agency review

(a) The Agency will review the rent increase application submitted pursuant to 5:80-9.4(a) to verify the need for the rent increase requested. If the application contains errors or omissions of a material nature, the Director of Property Management shall require the housing sponsor to submit the corrected or omitted material and provide tenants and cooperators with notice that they will have 15 days to inspect and comment upon the corrected or omitted material.

(b) Within 10 business days after receipt of the complete rent increase application and any comments thereto, the Agency shall:

1. For housing projects receiving subsidies under HUD, submit the rent increase application to HUD for approval pursuant to 5:80-9.8;

2. For all other projects submitting a rent increase application pursuant to N.J.A.C. 5:80-9.4(a), process the application in accordance with N.J.A.C. 5:80-9.9 and , if applicable, 5:80-9.11. The 10-business-day requirement in (b) above shall not apply to rent increases subject to a hearing as provided by N.J.A.C. 5:80-9.11.

(c) Prior to submission of any rent increase application to HUD, the Agency may attach its comments and recommend a rent increase different from that requested by the housing sponsor. If the Agency reduces or eliminates that portion of the requested increase that would provide return on owner's equity, written notice of such reduction or elimination will be provided to the housing sponsor by the Executive Director of the Agency.

N.J. Admin. Code § 5:80-9.7

Amended by 51 N.J.R. 409(b), effective 3/18/2019