Any owner shall be entitled to an emergency rent increase upon petition to the Rent Control Board if said Board, after a public hearing on the petition, makes the following findings of fact:
A. That the apartment complex and each apartment therein, when properly, efficiently and economically operated, without allowance for compensation to the owner for services rendered in connection with the operation thereof, and exclusive of any calculation of depreciation or obsolescence, is failing to cover the costs of operation and the debt service involved in maintaining said complex.
B. For the purpose of determining whether the debt service is being covered by the schedule of rents employed for said apartment complex or particular apartments therein, no debt service shall be considered that is in excess of an amount equal to 80% of the assessed value of the apartment complex as such appears on the tax assessment rolls of the Town of Hammonton, nor shall any term of years be considered in determining whether debt service is being met that is less than 20 in number.
C. In determining whether operating expenses are being met, it shall be necessary for the owner to provide a statement from a certified public accountant as to the actual operating expenses, with said statement broken down into each category and verified as to each category of operating expenses by said certified public accountant.
D. That the foregoing calculation is based upon occupancy which produces rent equal to 95% of the gross pro forma rent roll of the complex at the highest lawful rents then applicable.