A. 
Establishment of Affordable Housing Board. There is hereby established an Affordable Housing Board, which shall consist of five members appointed by the Mayor with the advice and consent of the Council. The members shall serve without compensation.
B. 
Membership of Board and terms of office. The Board shall be composed of one member of the governing body, whose appointment shall be for one year; a member of the Planning Board, whose appointment shall be for three years or the duration of the term on the Planning Board, whichever terminates first; and three additional residents of the Borough, whose terms shall be for three years each, except that when the Board is initially appointed, one resident member shall be appointed for one year, one member for two years and the third member for three years. Appointments to fill vacancies resulting from resignations or removal from office shall be for the departing member's unexpired term.
C. 
Powers of Affordable Housing Board. The powers of the Affordable Housing Board shall be as follows:
(1) 
To adopt procedural rules and regulations governing the conduct of its duties as authorized herein consistent with the final judgment of compliance, dated April 3, 1989, and subsequent rules and procedures promulgated by the Fair Housing Act and the Council on Affordable Housing.
(2) 
To ascertain the extent and location of substandard housing units within the Borough, upon authorization by the Council, and, if necessary, to conduct a survey or to arrange to have a survey conducted.
(3) 
To seek out sources of government funding that will assist the Borough in meeting its current and future goals of supplying affordable housing and to prepare and submit applications to secure such funding.
(4) 
To have advertised the availability of funds for housing rehabilitation, for down payment assistance or for such other housing programs as may be authorized by the Council, if and when such funds are available.
(5) 
To maintain a current record of all deed-restricted affordable housing units existing in the Borough.
(6) 
To maintain duplicate copies of all reports issued by the administrative agent with respect to transfers of ownership and changes in occupancy for all deed-restricted affordable housing units.
(7) 
To advise the Borough Planning Board with respect to any applications for inclusionary developments.
[Amended 7-26-2011 by Ord. No. 11-07]
(8) 
To prepare an annual budget for the Affordable Housing Board covering its expenditures for the execution of its duties and functions pursuant to this chapter. The budget shall be prepared in accordance with proper municipal accounting procedures and submitted to the Council for approval as part of the annual budget.
(9) 
To recommend to the Council the disbursement of funds from the housing fund, if such funds are available, for rehabilitation of housing or for such other purposes as may be authorized by the Council by ordinance.
(10) 
To prepare or have prepared annual monitoring reports to be filed with the Council on Affordable Housing.
(11) 
To review and approve the affirmative marketing plan prepared by an inclusionary developer based on the guidelines set forth in this chapter.
(12) 
To carry out such additional responsibilities as may be necessary to fulfill the Borough's affordable housing program in accordance with this chapter.
(13) 
In the absence of the appointment of an Affordable Housing Board, the governing body shall act in its stead.
A. 
There is hereby created a housing fund for the purpose of receiving government and/or private fees and contributions to the Borough's affordable housing program.
B. 
Collection of contributions to housing fund.
(1) 
Funds to be deposited in the housing fund shall be paid to and deposited in the fund by the Borough Treasurer.
(2) 
The housing fund shall be the repository for all surplus funds in the event of foreclosure and upon the removal affordability deed-restriction covenants, pursuant to applicable COAH regulations, regarding covenants and controls on sales and rentals, and in the event that a rental surcharge is ever permitted to be imposed.
(3) 
The housing fund shall be the repository for all government moneys directed at the provision or rehabilitation of affordable housing, except where moneys are required by the funding source to be held in a separate account.
(4) 
Moneys contributed by inclusionary developers for the purpose of funding a regional contribution agreement shall not be deposited in the housing fund but shall instead be deposited in a separate account established by the governing body as the repository for such moneys.
C. 
Disbursements from housing fund.
(1) 
The Affordable Housing Board shall make recommendations to the Council as to disbursements from the housing fund in accordance with applicable affordable housing program requirements. No disbursements shall be made from the housing fund until the Council shall have authorized such disbursements by ordinance, and there shall be established appropriate guidelines and procedures for such disbursements.
(2) 
Funds may be used to reimburse the Borough for salaries and other expenditures connected with the execution of the Borough's responsibilities to assist in the provision of affordable housing in accordance with this chapter; provided, however, that no more than 18% of the funds collected for the housing fund shall be used for such purposes.