[Amended 4-24-2019 by Ord. No. 2019-18]
A. This article shall not be effective until approved by the Court pursuant
to N.J.A.C. 5:96-5.1.
B. The Borough shall not spend development fees until the Court has
approved a plan for spending such fees in conformance with N.J.A.C.
5:97-8.10 and N.J.A.C. 5:96-5.3.
[Amended 4-24-2019 by Ord. No. 2019-18]
The Borough shall complete and return to the Court 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 the Borough's housing
program, as well as to the expenditure of revenues and implementation
of the plan certified by the Court. All monitoring reports shall be
completed on forms designed by COAH and/or approved by the Court.
The Borough of Red Bank shall provide annual reporting of Affordable
Housing Trust Fund activity to the State of New Jersey, Department
of Community Affairs, Council on Affordable Housing or Local Government
Services or other entity designated by the State of New Jersey, with
a copy provided to Fair Share Housing Center and posted on the municipal
website, using forms developed for this purpose by the New Jersey
Department of Community Affairs, Council on Affordable Housing or
Local Government Services. The reporting shall include an accounting
of all Affordable Housing Trust Fund activity, including the sources
and amounts of funds collected and the amounts and purposes for which
any funds have been expended. Such reporting shall include an accounting
of development fees collected from residential and nonresidential
developers, payments in lieu of constructing affordable units on site
(if permitted by ordinance or by agreement with the Borough), funds
from the sale of units with extinguished controls, barrier-free escrow
funds, rental income from Borough-owned affordable housing units,
repayments from affordable housing program loans, and any other funds
collected in connection with Red Bank's affordable housing programs,
as well as an accounting of the expenditures of revenues and implementation
of the spending plan approved by the Court.
[Amended 4-24-2019 by Ord. No. 2019-18]
The ability for the Borough to impose, collect and expend development
fees shall expire with its substantive certification unless the Borough
has filed an adopted Housing Element and Fair Share Plan with the
Court, has petitioned for substantive certification, and has received
the Court's approval of its development fee ordinance. If the Borough
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 Borough 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 Borough retroactively
impose a development fee on such a development. The Borough shall
not expend development fees after the expiration of its substantive
certification or judgment of compliance.