f. "Period of amortization" means the time during which the principal amount of the mortgage
loan and interest thereon would be paid entirely through periodic payments, whether or not the
term of the mortgage loan is for a shorter period concluding with a balloon payment; and
g. "Senior citizens" means persons 62 years of age or older.
Attachment C
2A:42-84.2. Applicability of municipal rent control ordinances
a. In any municipality which has enacted or which hereafter enacts a rent control or rent
leveling ordinance, other than under the authority of P.L.1966, c.168 (C.2A:42-74 et seq.), those
provisions of the ordinance which limit the periodic or regular increases in base rentals of
dwelling units shall not apply to multiple dwellings constructed after the effective date of this
act, for a period of time not to exceed the period of amortization of any initial mortgage loan
obtained for the multiple dwelling, or for 30 years following completion of construction,
whichever is less.
b. In the event that there is no initial mortgage financing, the period of exemption from a rent
control or rent leveling ordinance shall be 30 years from the completion of construction.
Amended 1999, c. 291, § 1.
2A:42-84.3. Notice of exemption to tenants