ASSEMBLY HOUSING COMMITTEE

STATEMENT TO

SENATE, No. 388

STATE OF NEW JERSEY

DATED:  OCTOBER 5, 2026

      The Assembly Housing Committee reports favorably Senate Bill No. 388.

      As reported, this bill requires the owner of a multiple dwelling consisting of three or more floors to provide priority treatment, for the purposes of moving to a unit on a lower floor with the same number of bedrooms, to senior citizens and persons with disabilities that hinder or limit mobility.  The requirements of the bill are not to apply to cooperatives, condominiums, or other common interest communities. 

      Qualifying residents, who already reside in the building, will be given the right of first refusal over outside applicants seeking to move into the multiple dwelling and over other non-qualifying residents who are seeking to move to a lower floor.  The requirements of the bill are not to displace any existing affordability requirements, targeting requirements, and income restrictions in place for the multiple dwelling, unless the tenant agrees to a smaller or larger unit.

      This bill also requires the owner of a multiple dwelling to post a sign that contains information regarding the priority status granted to qualifying residents seeking to move into a unit on a lower floor.

      As reported by the committee, Senate Bill No. 388 is identical to Assembly Bill No. 4588, as that bill was amended and reported by the committee on this date.