Establishes limit on rent increase for senior citizen tenants of certain properties financed with assistance from HMFA.

This bill limits annual rent increases for senior citizens (62+ or surviving spouses 55+) living in rental housing funded by New Jersey's Housing and Mortgage Finance Agency (HMFA). It caps rent hikes at 2% or the local cost-of-living adjustment (whichever is greater) for eligible properties, preventing increases that outpace seniors' fixed incomes. The law applies only to "covered dwelling units" (rental housing with HMFA financing), excluding duplexes where landlords live in one unit and certain pre-existing affordable housing agreements. Violations allow tenants to recover $500 for first offenses and seek court action for excessive rent hikes.