Establishes "Guaranteed Rental Payment Pilot Program" for certain low-income tenants; appropriates $10,000,000.
This bill establishes a 1-year pilot program in New Jersey to study how credit scores affect rental payment behavior among low-income tenants. It targets 1,000 randomly selected households already receiving rental assistance through the State Rental Assistance Program (SRAP) or Section 8, who have completed approved credit counseling. The program guarantees landlords payment for tenant defaults (rent, damages, fees) within 30 days, requiring tenants to repay the amount within 90 days to replenish the fund. The $10 million appropriation creates a dedicated "Guaranteed Rental Payment Fund" to cover these reimbursements while tracking default rates by credit score tier.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jan 2024
Committee Review
Floor Vote
Governor
Introduced Jan 9, 2024
Last action Jan 9, 2024
Floor votes
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Full legislative history
Actions timeline
Total actions
1
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0
Committee
0
Jan 9, 2024
Introduced
Introduced in the Assembly, Referred to Assembly Housing Committee
lower
1 primary · 2 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Yvonne Lopez
DDemocratic
Co
Gabe Rodriguez
DDemocratic
Co
Verlina Reynolds-Jackson
DDemocratic
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