Allows tenants to respond to applications for major capital improvement rent increases within 120 days.

This bill provides tenants with the opportunity to respond to applications for major capital improvement rent increases within 120 days from the date of mailing of a notice of a proceeding. It mandates the State Division of Housing and Community Renewal to inform any responding tenant of the reasons for the division's approval or denial of such application. The bill also outlines the conditions under which such rent increases can be approved, including the amortization period for different building sizes and the removal of the increase from the legal regulated rent after 30 years.

Allows tenants to respond to applications for major capital improvement rent increases within 120 days.

This bill provides tenants with the opportunity to respond to applications for major capital improvement rent increases within 120 days from the date of mailing of a notice of a proceeding. It mandates the State Division of Housing and Community Renewal to inform any responding tenant of the reasons for the division's approval or denial of such application. The bill also outlines the conditions under which such rent increases can be approved, including the amortization period for different building sizes and the removal of the increase from the legal regulated rent after 30 years.