[Added 6-15-2004 by Ord. No. 2004-774]
The objective of the Affordable Housing Overlay
District is to create a realistic opportunity for the provision of
affordable housing units and/or funding in the event that land becomes
available for development in the Borough of Essex Fells, thereby addressing
the unmet need portion of the fair share obligation consistent with
the COAH regulations.
[Amended 2-15-2005 by Ord. No. 2005-784]
Neither the Planning Board nor the Board of
Adjustment shall approve any development application for more than
two single-family lots or dwelling units or for any commercial or
business use, unless the development includes an affordable housing
contribution consisting of either a twenty-percent set-aside of affordable
housing units or funding for an equivalent number of affordable units
based on the realistic development potential of the property as determined
consistent with COAH regulations. This requirement shall not apply
to development of fewer than three single-family residences or dwelling
units or development of improvements devoted to a governmental, quasi-governmental
or nonprofit use.
[Added 2-15-2005 by Ord. No. 2005-784]
There is authorized an interest-bearing housing trust fund account for the purpose of receiving payments pursuant to § 170-132 of this article from residential and nonresidential developers for affordable housing purposes. Prior to receipt of any such payments, this fund shall be established and maintained at a financial institution designated by the Chief Financial Officer, who shall be responsible for administration of the housing trust and authorization for any expenditures. All payments pursuant to § 170-132 shall be deposited in this fund. No money shall be expended from the housing trust fund unless the expenditure conforms to a spending plan approved by COAH.
[Added 2-15-2005 by Ord. No. 2005-784]
Money deposited in the housing trust fund may
be used for any activity for addressing the Borough of Essex Fells
low- and moderate-income housing obligation in accordance with the
following:
A.
Such activities may include, but are not necessarily
limited to, housing rehabilitation, new construction; regional contribution
agreements; the purchase of land for low- and moderate-income housing;
extension and/or improvements of roads and utility infrastructure
to serve low- and moderate-income housing sites; assistance designed
to render housing units more affordable to low- and moderate-income
households; and administrative costs necessary to implement the Housing
Element and Fair Share Plan.
B.
All expenditures shall conform to a spending plan
to be submitted to and approved by COAH.
C.
After subtracting any money used to fund regional
contribution agreements, no more than 20% of the revenues collected
shall be expended on administration costs necessary to develop, revise,
or implement the housing element. Examples of eligible administrative
activities include personnel, consulting services, space costs, consumable
supplies and rental or purchase of equipment.
D.
After subtracting any money used to fund housing rehabilitation,
regional contribution agreements and municipal construction projects,
at least 30% of the revenues collected shall be utilized to fund programs
designed to render housing units more affordable to low- and moderate-income
households.
