In response to impacts from the 2019 novel coronavirus (COVID-19), Governor Phil Murphy recently announced that the New Jersey Housing and Mortgage Finance Agency, a state agency charged with increasing the availability of and accessibility to safe, decent, and affordable housing to families in New Jersey (agency), voted unanimously to suspend rent increases at all eligible properties in the agency's portfolio, which includes 36,000 rental units across the state. The press release detailing the suspension and the list of eligible properties is available on the agency's website.

The suspension of rent increases will remain in effect until the termination of Executive Order 103, which established a state of emergency to address the COVID-19 pandemic. Once Executive Order 103 is terminated, eligible properties in the agency’s portfolio may:

Any proposed increase in excess of 1.4% must be reviewed and approved by the agency.

Housing counseling is also now available, at no cost, to homeowners and renters whose ability to pay their mortgage or rent is impacted by COVID-19.

The agency's suspension of rent increases will provide relief to renters in some of NJ's hardest hit communities. The suspension is in line with the agency's mission to provide affordable housing and with NJ's efforts to handle the COVID-19 pandemic. The limited rental increase after the state of emergency is lifted should also protect renters from catch-up rent hikes. Lenders, owners, and renters should check the agency's website to confirm if their properties are affected.

For a collection of resources related to global coronavirus, COVID-19, pandemics, and business interruption content, see Global Coronavirus Toolkit.