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.

Summary

The bill obligates owners of multiple‑dwelling buildings in New Jersey to inform the Department of Community Affairs, the building’s tenant association, and each tenant household when they intend to sell. If at least 51 % of the occupied units belong to the tenant association, the association may organize a purchase before the owner contracts with another buyer. The measure is intended to let residents preserve affordable housing and have a stake in their homes.

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