NJAA sounds alarm on rent repayment bill, citing unintended consequences

A new proposal by state lawmakers would require apartment landlords to set up payment plans with tenants who could not pay rent during the coronavirus crisis, but multifamily industry advocates are raising concerns about the bill’s unintended consequences.

How will COVID-19 impact multifamily design or operations?

How will COVID-19 impact multifamily design or operations? We assembled a panel of industry experts to tackle this month’s question.

NJAA announces death of past president, longtime industry executive

The New Jersey Apartment Association is mourning the loss of a former president and longtime executive of the region’s multifamily industry.

Murphy announces $100 million rental assistance program

The state will provide at least $100 million in assistance to low- and moderate-income renters impacted by the COVID-19 crisis, under a program announced Friday by Gov. Phil Murphy.

NJAA lauds passage of $100 million rental assistance bill, urges Murphy to sign into law

A bill that would create a $100 million rental assistance program in New Jersey — one that has drawn support from the apartment industry — is now awaiting action by Gov. Phil Murphy.

Murphy taps developers, industry leaders economic recovery council

Gov. Phil Murphy has tapped more than three dozen development executives, labor leaders and other industry professionals as part of a new council to help restart New Jersey’s economy.

The economic value of the multifamily industry

In the weeks since the start of this crisis, the primary focus was on the health impacts of COVID-19, and rightfully so. And while the economic impact never left our minds, recent data has now put the financial health of our country and our state on the front burner.

Murphy: Apartment renters can now use security deposit to help with payments

Apartment tenants in New Jersey may now tap their security deposits to help pay rent during the COVID-19 crisis, under a newly signed executive order by Gov. Phil Murphy.

NJAA lauds rental assistance bill, but presses for long-term solution

State lawmakers on Monday are slated to consider a rental assistance bill that could help soften the blow to apartment owners during the COVID-19 crisis, but industry leaders say they need help from the federal government to weather the storm over the long haul.

The domino effect: Without rental assistance, who’s left holding the bag?

When COVID-19 hit the United States, most Americans never imagined the impact it would have on daily life. As the virus spread, states like New Jersey started to implement policies to promote social distancing and to help those impacted by the economic fallout of the crisis, including policies such as an eviction moratorium. While such a policy addresses one specific immediate-term problem, it does not address the systemic need for rent revenue that supports an entire multifamily ecosystem, which is a critical component of New Jersey’s economy and significantly supports the State and municipalities through taxes. Without rental assistance and an understanding that rent is still due, multifamily jobs will be lost, private-sector financial obligations may not be met, utilities will not be paid and municipalities might see shortfalls due to the inability to pay property taxes. That is why we need a rental assistance program immediately.