Pursuant to the provisions of the Third Round
Substantive Rules promulgated and adopted by the New Jersey Council
on Affordable Housing (COAH), N.J.A.C. 5:94 et seq. and N.J.A.C. 5:95
et seq., it is hereby declared that the purpose of this article is
to aid the Borough of Gibbsboro to fulfill its affirmative obligation
to facilitate the provision of affordable housing.
As used in this article, words and phrases shall
have the same meanings they have pursuant to N.J.A.C. 5:94-1.4, as
said provision may from time to time be amended.
With the prior written approval of the Borough Council upon favorable recommendation by the Planning Board, and except as modified in §
400-67 above, the applicant may choose to satisfy its affordable housing growth share obligation through the mechanisms permitted in COAH's rules, including:
A. On-site affordable housing production;
B. Off-site affordable housing production in the Borough;
C. The purchase of an existing market-rate home(s) at
another location in the community and its conversion to an affordable
price-restricted home in accordance with COAH's rules;
D. Participation in reconstruction and/or buy-down/write-down,
buy-down/rent-down programs;
E. Payment of a contribution in lieu of construction;
and/or
F. Any other compliance mechanism permitted by COAH's
rules.