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APPLICATION FEE: '$50.00, Check payable to C! ty of Hoboken

HOBOKEN RENT LEVELING BOARD CITY HALL

HOBOKEN, N.J. 07030

(201) 420-2062

LANDLORD APPLICATION FOR HARDSHIP

1. Name of Landlord

2. Address

3. Te 1 ephone

4. If Corporate Landlord:

Name of officer preparing this application --;, .. :-- _

Title

Address

Telephone

5. If Agent preparing this application:

Name

Address
Telephone
6. Address of Building
7. Number of Uni ts : Res i denti a 1
Corrmerci al
Total
8. Number of Rooms: Resi dent; a 1
Commerci al
Total
9. Monthly rent roll (residential) Show base rent
and any surcharges in effect. State whether any hardship increases were made during the past three (3) years. (If income is received for parking, commercial rentals,

etc., provide separate operating statement for each activity.)

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IG. (a) Provide nanes and apartment numbers of all tenants, current renta1s, proposed increases and total proposed new payments including rentals and surcharges.

(b) Provi de a detai 1 ed recitati on of the rental hi s tory for a 11 apartment units indicating all increases, surcharges anq tax passthroughs for the past three (3) years.

/

11. Amount of total mnth ly increase requested: $ _

12. Year Purchased

purchase pri ce

$--~----

13. Financing at time of purchase:

Is t mortgage at %for months in face amount

--

of $ ,

2nd mortgage at of $

-----_

% for years in face amount

--

Initial equity investment (down payment) $

-----~--

Equity* accrued since purchase $

-----

Annua 1 Amori zati on each mortgage s.. _. ., _

14. If refi nanced after purchase, year of refinancing ~ _

Amount and terms of new mortgage or mortgages:

Interest

------

Principal

-----_

Total

Interest Principal Total

Include:

15. Copy of the mortgage including its life.

16. Listing of the tenants with old rent and proposed increase.

17. Copies of all bills substantiating operating expenses-See pg.4

18. Copi es df cancelled checks val i dati ng paymen t. j , ".t1f operating expenses.

19. Copy of documentati on from mortgage i nd i cat inq payments made to date on mortgage or mortgages.

20. Copy of Deed.

21. Provide proof of current rents being paid for all residential units (egs., copies of recent rent check's, copies of recent rent receipts.)

*Section 18:53 (I) of the General Ordinances provides that "Equi ty in Real Property Investment" means the actual cash contribution of the purchaser at the t imsof

OPERATING STATEMENT

(For 12 month period Beginning and ending

---~~/y-r-.---- -m-o~/-yr-.--

1. GROSS ANNUAL INCOME

$--------------------~

. . . . - . - - - - ,,- .. - - I

2. OPERATING EXPENSES

a) Property Taxes $

--------------------

. bJ ~~ T_ER_AN_D_ S E~_~f38iJ_E $_~ __ ~~_----,---,

c) Insurance $

--------~----------

d) Electric & Gas $

---------~--------

e) Fuel $

--------------------

f) Payroll

Superintendent; etc.) $

-----------------

g) Managem::n t $

-----------------

h) Repairs & Miscellaneous $

----------~-----

I

(

TOTAL EXPENSES $

-----------------

NET BEFORE MORTGAGE DEBT $

-------------

3. MORTGAGE EXPENSES

a) Interes t $

---------------

b) Amorti za ti on $.

----------------

TOTAL MORTGAGE EXPENSES $ ~ __

THE FOLLOWING MUST BE SUBMITTED WITH OPERATING STATEMENT:

1. Tax Bil1s.

2. Water & Sewerage Bills

3. Fuel Bills

4. Electric & Gas Bills

5. Proof of Management Fee

6. Other bills supporting expenses .

7. Property Income Profit & Loss Statement filed with Federal Income Tax Returns for the current year and the preceding two (2) years. -

8. Schedule showing each bill or repair ftem and indicating the nature of the

repair and its location in or around the buildtng. .

SUMMATION SHEET OPERATING EXPENSES

J. PROPERTY TAX
2. WATER & SEWERAGE
3. INSURANCE
4. ELECTRIC & GAS
5. FUEL
6. PAYROLL (SUPERINTENDENT, ETC.)
7.- MANAGEMENT
8. REPAIRS & MISCELLANEOUS
9. MORTGA~E (INTEREST ONLY)
10. OTHER (SPECIFY) /

SUB-TOTAL

6 ~ ..

1lI!IIII% SF EQUITY ---:- __ ~ _

TOTAL EXPENSES

12' MONTHS

r

EXPENSES:

INCOME;

DEFICIT:

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I hereby certify that the information contained in this application for a capital improvement-or

Service Surcharge is true to the best of my knowledge and belief. I am aware that if any of this .

information supplied is willfully false, I am subject under the Law.

Date

Signature

* Proof of service to all tenants as required under the Hoboken Rent Control Ordinance Sec.

15 5-14( copy attached)a copy of which must be attached to this application. No application will be processed or scheduled for a hearing until landlord has complied with Sec.155-14, A. as well as all other requirements set forth below.

* Application must include a certificate of substantial code compliance from the Housing Inspection Office which indicates that property is 90% in compliance.

* Legible copies of actual bills and canceled checks must be included

* Property must be registered to date at the time Application is submitted.

* Application Fee $50.00 made payable to the City of Hoboken must also accompany this Application.

* An original and nine (9) copies of all documents contained in tills application shall accompany this application.

PageS

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§ 15.5-1.3

RENT CONTROL

§ 155-14

(4) Theeffective dateand termination.

(5) The total ren t.

R ~ ·Thisnotice shall 'be filed with -the 'Board-and-the Officer.

o .00: § 155.:14. -Appeal-byIandlor-d ~ur_a.hardship rental increase.

A. Iri the event that a landlord cannot meet his operating expenses or does not make a fair return on his investment, he

.may;·appealto·:the.·Ren.t··L€v.eling-and~Sta-bilization.Board for a hardship rental increase. No landlord shall impose upon any tenant anincrease in rent under th'is Article without first obtaining approval with the Board. It shall be within the discretion of. theBoard .. to .. fix the. effective date: of any approved. rental increase to be at any reasonable time as determined by

. .

the Board. Prior to any such, appeal to the Board, however.

the landlord shall serve on. each tenant a notice of appeal setting .forth in detail the basis, for; said .appeal, and said notice shall-be.served-at.least, twenty:{20},.days;before,heal'i ng;ther.e:-·: "

o 'iJn:~.Tii<,~,corrsjdeDiTfw:hards;hip1i'a:pp~tcat-io.ns;'t+th~'\:mnt::Go.mtr.oIE'};'.'. , .. 'c., . . 'Board. .. shallxgive' ;dlIe,;cnnsidce.f,aiion; .tcr.;aTIy~and· ;211, relevan,1?- :' ' ..

'. T, .

. faetors'!dnc1Hding~:b:uLnQ;t:Emited,,~t;(J"the.;ifolld:yy:iTI'g-"'t\:· .~ '.'i'.'., .' ,

(1) Level and-quality.of service-rendered-by .the landlord-in;': maintaining-and operating the building.

(2) The presence or absence or reasonably efficient" and economical management.

(3) Whether the landlord made a reasonably prudent investment in purchasing the property and arranging financing on said property. In considering this factor, the Board may consider the purchase price, the fair market value of the property and the existing rentals at the time of the purchase to-determine. if the debt servicing expenses are excessive. The Board may' also consider the amount of cash invested in the property in 'relation to said fair market value and purchase price. the interest rate of the mortgage and whether the mortgage instrument was arrived at and executed in an arms-length tr-ansaction. It is presumed that a prospective purchaser

§ 155-13

RENT CONTROL

§ 155-14

(4) Theeffective date-arid termination. (5) The total rent.

E-.' -This notice' shan 'be filed with-theBoardand-the Officer .

TO: <: -; ~'~: .

. o:§ 155.:14. Appeal-by-landlord fcr.a.hundship rental increase.

A. Iri the event that a landlord cannot meet his operating expenses or does not make a fair return on. his investment, he .. ':rrtay;appeal.to;·the'Ren.t-'Leveling7arrci:Stabilization.·.Boa:rd for a hardship rental increase. No landlord shall impose upon any tenant an' increase in rent under this Article without first

. ,

obtaining approval with the Board. It shall be within the dis-

cretion of. the .. B.o.arcL tofix. the. effective date. of any approved rental increaseto be at any reasonable time as determined by

the Board. Prior to any such appeal to the Board, however,

the landlord shall serve on. each tenant a notice of appeal set" ting .forth in detail the basis. for. said .appeal, and said notice shall.be.served-at.least, twenty.{2D}days:beiorehearing:the.r:e:-', " < •

. 'b:n:~-lii<'.l-co.m;jderiIig~::h a.rdsh.i:jJ,i?:appJ;!:c·a:tions:"t+the~,'.R:ent·Gontr.oLrt> . ';' ,"".,

,Boa~d~"shaILgive:·dlIe,;tvnsld'e~ation:·.::.to·.~arry:;and:·;'2'11. Teleyant>~ i," .s •

. fa@;to:rs~"jnc1ucliTlg;;huLncibliJ:rJte.dt+,to,.,the:Jolld:win6N;;;,'i .. "" . i,,' .-:. '

(1) Leveland,,;cj_liality,ofservice-rrendereci:by the landlord-in.:

maintaining-and operating the building.

(2) The presence or absence or reasonably efficient' and economical management.

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(3) Whether the landlord made a reasonably nrudent investment in purchasing the property and arranging financing on said property. In considering this factor, the Board may consider the purchase price, the fair market value of the property and the existing rentals at the time of the purchase toristerminc, if the debt servicing expenses are excessive. The Board may 'also consider the amount of cash invested in the property in relation to said fair market value and purchase price, the interest rate of the mortgage and whether the mortgage instrument was arrived at and executed in an arms-length transaction. It is presumed that a prospective purchaser

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