RE: GM PROSPECT POINTE Application for CPI Increase

BE IT RESOLVED, by the local Rent Control Board of the Township of Jackson, County of Ocean and State of New Jersey, as follows:

WHEREAS, proper notice of the application was provided by the applicant as required by Ordinance; and

WHEREAS, GM PROSPECT POINTE, has duly filed an application seeking a Consumer Price Index (CPI) rent increase of 2.9% (plus an additional 1.5% where heat is provided) for a total CPI increase of 4.4%. The increase is effective for annual leases ending on April 30, May 31, June 30 July 31, August 31 and September 30, 2025, respectively, in accordance with the start date of each tenant's lease; and

WHEREAS, a public hearing was held on said application on March 27, 2025, in the Municipal Building of the Township of Jackson at which time the applicant provided evidence as to the accuracy and appropriateness of the CPI increase as referenced in the application; and

WHEREAS, the Board accountant, Carmen J. Memoli, of the firm of Memoli & Company, has reviewed the application and finds the same to be accurate; and

WHEREAS, The Rent Leveling Ordinance for the Township of Jackson provides for rent increase not to exceed CPI + 1.5% per year for apartments where the landlord supplies heat; and

WHEREAS, the Board has determined that the application for rental increase should not