Only owners of houses or structures within the Borough of New Providence are eligible for the technical or financial assistance made available through this chapter. Eligibility is further determined by the following criteria:
A. 
The homeowner must either live in a low- or moderate-income household or must agree to rent the house or structure to be rehabilitated or converted to a low- or moderate-income household. Proof of income will be required by the Housing Officer.
B. 
A house that is proposed to be rehabilitated must be considered deficient in accordance with N.J.A.C. 5:92. Determination of deficiency will be made by the Construction Official. To qualify as deficient, the unit must have a minimum of two of the following characteristics:
(1) 
Constructed prior to 1940.
(2) 
One and one-hundredth or more persons per room.
(3) 
The absence of a private entranceway to dwelling unit.
(4) 
The absence of exclusive access to complete plumbing facilities.
(5) 
The absence of adequate kitchen facilities, that is, a sink with piped water, a stove and a refrigerator.
(6) 
Structural weaknesses that violate the Construction Code.[1]
[1]
Editor's Note: See Ch. 129, Construction Codes, Uniform.
C. 
The rehabilitation or conversion plan will, upon completion, result in the improvement of all deficient components of the eligible unit. The adequacy of the plan will be initially determined by the Borough Construction Official and finally determined by the Affordable Housing Board.
D. 
The homeowner must agree, in writing, to comply with all the requirements of this chapter.
A. 
Homeowners who receive technical or financial assistance under the provisions of this chapter shall be entitled to special property-tax-assessment treatment in accordance with the recommendations of COAH.
B. 
Homeowners who receive technical or financial assistance under the provisions of this chapter shall place a deed restriction on the property to specify that only a low- or moderate-income household may occupy the housing unit. The deed restriction shall be prepared by the Borough Attorney. The deed restriction shall take effect as soon as an application has been approved and money has been made available for the rehabilitation project. The deed restriction shall be in effect for six years subsequent to satisfactory completion of a rehabilitation unit. Sale of the deed-restricted dwelling shall not affect the deed restriction.
C. 
Homeowners who receive technical or financial assistance under the provisions of this chapter and who rent the units to someone else shall agree to rent control restrictions on the rehabilitated unit. The annual rent shall not exceed more than 30% of the household's gross annual income. The restriction shall be in effect for six years in the case of converted units. Increases in rent during the period of rent control may be granted so long as the tenant household is not required to pay more than 30% of its gross annual income.
The borough will guarantee financial assistance to eligible and interested homeowners for no less than four units for each of the next five years, beginning with 1990.
In the event that financial assistance is not available for every eligible applicant, 50% of the available assistance shall be awarded to applications that will result in low-income housing in preference to those that will result in moderate-income housing.