N.J. DCA Landlord/Tenant Information Series — Condominium and Cooperative Conversion Law

Citation
N.J. DCA Landlord/Tenant Information Series — Condominium and Cooperative Conversion Law
Jurisdiction
New Jersey (state)
Source
Official source
Original Source
https://www.nj.gov/dca/codes/publications/pdf_lti/condo_laws.pdf ↗

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Full Text

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The Legislature finds that research studies have demonstrated that the forced eviction and
relocation of elderly persons from their established homes and communities harm the mental and
physical health of these senior citizens, and that these disruptions in the lives of older persons
affect adversely the social, economic and cultural characteristics of communities of the State,
and increase the costs borne by all State citizens in providing for their public health, safety and
welfare. These conditions are particularly serious in light of the rising costs of home ownership,
and are of increasing concern where rental housing is converted into condominiums or
cooperatives which senior citizens on fixed limited incomes cannot afford, an occurrence which
is becoming more and more frequent in this State under prevailing economic circumstances.
The Legislature, therefore, declares that it is in the public interest of the State to avoid the forced
eviction and relocation of senior citizen tenants wherever possible, specifically in those instances
where rental housing market conditions and particular financial circumstances combine to
diminish the ability of senior citizens to obtain satisfactory comparable housing within their
established communities, and where the eviction action is the result not of any failure of the
senior citizen tenant to abide by the terms of a lease or rental agreement, but of the owner's
decision advantageously to dispose of residential property through the device of conversion to a
condominium or cooperative.