A.
The Board of Trustees of the Village of Kiryas Joel hereby finds that the need for affordable housing in the Village is great and warrants the establishment of a system by which specific incentives or bonuses are granted for this purpose. The Board of Trustees further finds that several social benefits will inure to the community the need for affordable housing being an inherent element of the Village comprehensive plan. These benefits include the ability to accommodate the location, within the Village, of first-time homebuyers and households otherwise transitioning to homeownership, the strengthening of cultural and family values and the encouragement of property maintenance from the assuming of household ownership responsibilities.
B.
This Chapter 47, pursuant to the authority of § 7-703 of the New York State Village Law, offers adjustments in the permissible population density, area, height, open space, use, and other provisions of the Village of Kiryas Joel Zoning Law for the specific purpose of encouraging the long-term development of owner-occupied housing for persons of low or moderate income.
C.
This chapter seeks to encourage and benefit first-time homebuyers as an aid to transitioning families to home-owning status so as to strengthen the community with the investment of growing families. As such, the law will require owner occupancy by middle- and lower-income families and does not allow profiteering by investors and speculators. Preference is given to families originating within the Village of Kiryas Joel.
D.
This Chapter 47 also supersedes § 7-703, Subdivision 2 and Subdivision 3, Paragraph a, of the Village Law so as to not only offer a system of bonuses and incentives for affordable housing, but also to mandate its use in the case of owner-occupied multifamily and duplex dwelling projects of 8,000 square feet or five dwelling units or more in total.
E.
All new multifamily dwelling and duplex residential projects of 8,000 square feet or five or more cumulative dwelling units in total on the same parcel of land or as part of a common scheme or plan of development shall provide for affordable housing as set forth herein.
F.
Any substantial improvement of existing residential projects of 8,000 square feet or five or more units on the same parcel of land shall also be subject to these requirements. A substantial improvement shall mean any reconstruction, rehabilitation, addition or other improvement of a building, the cost of which equals or exceeds 50% of the market value of the building before the start of construction of the improvement, or which adds 50% or more to the floor area or number of residential units involved.