There is hereby created an interest-bearing
Housing Trust Fund for the purpose of receiving development fees from
residential and nonresidential development. All development fees paid
by developers pursuant to this article shall be deposited in this
fund.
As used in this article, the following terms
shall have the meanings indicated:
COAH
The New Jersey Council on Affordable Housing.
DEVELOPER
The legal or beneficial owner or owners of a lot or of any
land proposed to be included in a proposed development, including
the holder of an option or contract to purchase, or other person having
an enforceable proprietary interest in such land.
DEVELOPMENT
The division of a parcel of land into two or more parcels,
the construction, reconstruction, conversion, structural alteration,
relocation, or enlargement of any building or other structure except
minor construction as herein defined, or of any mining, excavation
or landfill, and any use of change in the use of any building or other
structure, or land or extension of use of land, for which permission
may be required pursuant to this chapter.
DEVELOPMENT FEES
Money paid by an individual, person, partnership, association,
company or corporation for the improvement of property.
EQUALIZED ASSESSED VALUE
The value of a property determined by the municipal Tax Assessor
through a process designed to ensure that all property in the municipality
is assessed at the same assessment ratio or ratios required by law.
Estimates at the time of building permit may be obtained by the Tax
Assessor utilizing estimates for construction cost. Final equalized
assessed value will be determined at project completion by the municipal
Tax Assessor.
MINOR CONSTRUCTION
Which shall be exempt from the development fees provided
herein and shall be defined as any construction activity relating
to an existing residential structure that will not result in an increase
in the square foot calculation of the building footprint by more than
500 square feet or enhancements to an existing residential structure
such as the construction of a deck, porch, patio, sidewalks or walkways.
SUBSTANTIVE CERTIFICATION
A determination by COAH approving a municipality's housing
element and fair share plan in accordance with the provisions of the
Fair Housing Act and the rules and criteria as set forth herein. A
grant of substantive certification shall be valid for a period of
six years in accordance with the terms and conditions contained therein.