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 for the relevant region.

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 be liable for damages, including a minimum of $500 or three times the difference between the actual increase and the allowable increase, along with reasonable attorney fees. The legislation also ensures that any adjustments to income eligibility for protected status will align with the homestead property tax reimbursement program and the maximum Social Security benefit cost of living increases.