The "Senior Citizen Tenant Protection Act" aims to provide financial relief to senior citizens aged 55 and older who are tenants in New Jersey. The bill allows eligible seniors to apply for "protected senior citizen tenant" status through the Department of Community Affairs, provided they meet specific criteria, including having an annual household income of $80,000 or less, continuous residency in the same dwelling for at least 10 years, and not participating in certain rental assistance programs. Once granted this status, landlords are restricted from increasing rent beyond a specified annual index rate factor, which is based on the Consumer Price Index, ensuring that rent increases do not outpace the income of these vulnerable tenants.

Additionally, the bill outlines the process for landlords to apply for a waiver of the rent increase limit if they can demonstrate undue hardship. If a landlord violates the rent increase provisions, they may face legal consequences, including damages and attorney fees. The legislation also mandates that the income eligibility criteria for protected senior citizen tenant status be adjusted annually to align with the homestead property tax reimbursement program and Social Security cost-of-living increases. Overall, the bill seeks to safeguard the housing stability of senior citizens in New Jersey by ensuring that their rent remains affordable.