New Jersey S 4244: Requires multiple dwelling building owners to provide notice to tenants and tenant associations of certain sales and provides tenant association with opportunity to purchase multiple dwelling.

Bill Text

S4244 

SENATE, No. 4244 

STATE OF NEW JERSEY

222nd LEGISLATURE

� 

INTRODUCED MAY 14, 2026

Sponsored by:

Senator� BENJIE E. WIMBERLY

District 35 (Bergen and Passaic)

Senator� ANGELA V. MCKNIGHT

District 31 (Hudson)

SYNOPSIS

���� Requires multiple dwelling building owners to provide 
notice to tenants and tenant associations of certain sales and provides tenant 
association with opportunity to purchase multiple dwelling. 

CURRENT VERSION OF TEXT 

���� As introduced.

�� 

An Act providing tenants of multiple dwellings an 
opportunity to purchase prior to certain sales and supplementing Title 55 of 
the Revised Statutes.� 

���� Be It 
Enacted by the Senate and General Assembly of 
the State of New Jersey:

���� 1.� As used in P.L.��� , c.��� 
(C.������� ) (pending before the Legislature as this bill):

���� �Affiliate� means an entity 
owned or controlled by an owner or under common control with the owner.

���� �Borrower� means a mortgagor 
of a mortgage loan.

���� �Commissioner� means the 
Commissioner of Community Affairs.

���� �Deed in lieu� means a deed 
for the collateral property, that the mortgagee accepts from the borrower in 
exchange for the release of the borrower�s obligation under the mortgage 
loan.

���� �Department� means the 
Department of Community Affairs.

���� �Designee� means a nonprofit 
organization, a municipal or county housing authority, or a controlled 
nonprofit or for-profit affiliate of either entity; provided that the parent 
organization has requisite experience in developing, owning, or operating residential 
real estate and with the financial capacity to secure the financing of the 
purchase transaction; provided that any purchase by a designee under P.L.��� , 
c.��� (C.������� ) (pending before the Legislature as this bill) shall be for 
the purpose of the use of the property as an inclusionary development.� 

���� �Earnest money deposit� means 
a money deposit provided from the purchaser to the seller as part of the 
purchase contract in order to demonstrate actual intent to purchase the 
property.

���� "Elderly tenant 
household� means a tenant household in which one or more of the residents are 
age 65 or older. 

���� �Multiple dwelling� means a 
building or structure meeting the definition of �multiple dwelling� set forth 
in the �Hotel and Multiple Dwelling Law,� P.L.1967, c.76 (C.55:13A-1 et seq.). 

���� �Immediate family member� 
means the parent, offspring, sibling, or spouse of the owner.

���� �Inclusionary development� 
means a residential housing development in which, unless otherwise approved by 
the commissioner based on project feasibility, no less than 25 percent of the 
housing units are committed to be affordable housing for households with income 
of less than 80 percent of the area median income for households of the same 
size and composition.

���� �Minimum tenant participation 
percentage� means 51 percent of the tenant-occupied housing units of the 
multiple dwelling.� The minimum tenant participation percentage shall be 
calculated, rounded up, based on the number of tenant-occupied housing units in 
a property, rather than the number of individual tenants.� If there is more 
than one tenant residing in a unit, any of the tenants in the unit may 
participate as members of the tenant association for the unit to be counted 
towards the participating percentage of units.� The minimum tenant 
participation percentage shall be presumed to have been achieved for a period 
of one year after it is initially established.

���� �Mortgage loan� means a loan 
secured wholly or partially by a mortgage on a multiple dwelling. 

���� �Mortgagee� means an entity to 
whom property is mortgaged, the mortgage creditor or lender including, but not 
limited to, mortgage servicers, lenders in a mortgage agreement and any agent, 
servant or employee of the mortgagee or any successor in interest or assignee 
of the mortgagee's rights, interests or obligations under the mortgage 
agreement. 

���� �Owner� means a person, firm, 
partnership, corporation, trust, organization, limited liability company, or 
other entity, or its successors or assigns, that holds title to real property. 

���� �Purchaser� means a party who 
has entered into a purchase contract with an owner and who will, upon 
performance of the purchase contract, become the new owner of the property. 

���� �Purchase contract� means a 
binding written agreement whereby an owner agrees to sell property including, 
without limitation, a purchase and sale agreement, contract of sale, purchase 
option or other similar instrument. 

���� �Sale� means an act by which 
an owner conveys, transfers, or disposes of property by deed or otherwise, 
whether through a single transaction or a series of transactions, within a 
three-year period; provided, that a disposition of housing by an owner to an 
affiliate of the owner shall not constitute a sale.� 

���� �Short-sale� means a sale 
approved by the mo