Rent Increases Suspended at NJHMFA Properties

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(Camden, NJ) – Governor Phil Murphy signed an executive order Thursday suspending all rent increases at New Jersey Housing and Mortgage Finance Agency properties, which includes 36,000 rental units across the state.

“With so many of our residents facing financial instability and a loss of income, this is an important measure to help families remain in their homes,” said Freeholder Director Louis Cappelli Jr. “This measure helps ensure that the economic crisis we face isn’t exacerbated for renters in the form of a simultaneous reduction in pay or loss of pay and an increase in their rent.”

The suspension of rent increases will stay in place for as long as New Jersey remains in a state of emergency and public health emergency as declared by Gov. Murphy on March 9 through Executive Order 103. After the termination of Executive Order 103, properties seeking any rent increase of up to 1.4 percent can do so only after providing 30 days’ notice to residents and the NJHMFA; rent increases beyond 1.4 percent will require review and approval from the NJHMFA.