The following terms, as used in this article, shall have the
following meanings:
AFFORDABLE HOUSING DEVELOPMENT
A development included in the housing element and fair share
plan, and includes, but is not limited to, an inclusionary development,
a municipal construction project or a one-hundred-percent affordable
development.
COAH or THE COUNCIL
The New Jersey Council on Affordable Housing established
under the Act, which has primary jurisdiction for the administration
of housing obligations in accordance with sound regional planning
consideration in the state.
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 FEE
Money paid by a developer for the improvement of property
as permitted in N.J.A.C. 5:97-8.3.
EQUALIZED ASSESSED VALUE
The assessed value of a property divided by the current average
ratio of assessed to true value for the municipality in which the
property is situated, as determined in accordance with Sections 1,
5 and 6 of P.L. 1973, c. 123 (N.J.S.A. 54:1-35a through 54:1-35c).
The Town of Newton shall complete and return to COAH all monitoring
forms included in monitoring requirements related to the collection
of development fees from residential and nonresidential developers,
payments in lieu of constructing affordable units on site, funds from
the sale of units with extinguished controls, barrier-free escrow
funds, rental income, repayments from affordable housing program loans,
and any other funds collected in connection with Newton's housing
program, as well as to the expenditure of revenues and implementation
of the plan certified by COAH. All monitoring reports shall be completed
on forms designed by COAH.
The ability for the Town of Newton to impose, collect and expend
development fees shall expire with its substantive certification unless
the Town of Newton has filed an adopted housing element and fair share
plan with COAH, has petitioned for substantive certification, and
has received COAH's approval of its development fee ordinance.
If the Town of Newton fails to renew its ability to impose and collect
development fees prior to the expiration of substantive certification,
it may be subject to forfeiture of any or all funds remaining within
its municipal trust fund. Any funds so forfeited shall be deposited
into the New Jersey Affordable Housing Trust Fund established pursuant
to Section 20 of P.L. 1985, c. 222 (N.J.S.A. 52:27D-320). The Town
of Newton shall not impose a residential development fee on a development
that receives preliminary or final site plan approval after the expiration
of its substantive certification or judgment of compliance, nor shall
the Town of Newton retroactively impose a development fee on such
a development. The Town of Newton shall not expend development fees
after the expiration of its substantive certification or judgment
of compliance.