As used in this section, the following terms shall have the meanings indicated:
ACTThe Fair Housing Act of 1985, c. 222 (N.J.S.A. 52:27D-301 et seq.).
AFFIRMATIVE MARKETING PLANA regional marketing strategy prepared by a developer of affordable units in accordance with the requirements of this section which is designed to attract buyers and/or renters of all majority and minority groups, regardless of sex, age or number of children, to housing units which are being marketed by the developer or sponsor of the affordable housing. It is a continuing program and covers the period of deed restriction.
AFFORDABLEA sales price or rent within the means of a low- or moderate-income household as defined in N.J.A.C. 5:93-7.4.
AFFORDABLE HOUSING AGENCYThe entity designated by the City of Clifton to monitor the construction and/or rehabilitation of low- and moderate-income housing units. The Affordable Housing Agency may be the Mayor and Council itself, a group of people appointed by the Mayor and Council, a member or members of the City staff, an independent consultant or other entity under contract to the City of Clifton or any combination of the preceding.
AFFORDABLE HOUSING DOCUMENTA legal instrument which sets forth the terms, restrictions and provisions of the Affordable Housing Ordinance which are applicable to the subject affordable unit(s) and which constitute the restrictive covenants running with the land with respect to the subject affordable units.
AFFORDABLE UNITA housing unit in the City, the sale or rental of which is established in accordance with this section and which shall be sold or rented to a low- or moderate-income household in accordance with this section.
AGENCYThe New Jersey Housing and Mortgage Finance Agency established by P.L. 1983, c. 530 (N.J.S.A. 55:14K-1 et seq.).
ALTERNATIVE LIVING ARRANGEMENTA structure in which households live in distinct bedrooms, yet share kitchen and plumbing facilities, central heat and common areas.
ASSESSMENTSLevies, charges or assessments, both public and private, including those imposed by a homeowners' association upon the unit which is part of the homeowners' association.
CERTIFIED HOUSEHOLDA household determined to be eligible for low- or moderate income housing by the Affordable Housing Agency after the Affordable Housing Agency has verified the applicant's gross household income. Moreover, once certified, any increase or decrease in the gross household income of the household shall not affect the rights and obligations of the household as specified in this section. However, any household which submits false information in support of an application for certification as a qualified household and which subsequently receives such certification and either a title to an affordable unit as owner or possession of an affordable unit as tenant shall be deemed to have committed a substantial breach of provisions of this section, and the applicable affordable housing document and any rights of ownership or occupancy of such unit shall be subject to forfeiture pursuant to the provisions of this section.
CONVERSIONThe conversion of existing commercial, industrial or residential structures for low- and moderate-income housing purposes.
COUNCILThe New Jersey Council on Affordable Housing established under the Act and which has primary jurisdiction for the administration of housing obligations in accordance with sound regional planning considerations in the state.
DEVELOPMENT FEESMoney paid by an individual, person, partnership, association, company or corporation for the improvement of property as permitted in N.J.A.C. 5:93-8 and in accordance with the applicable provisions of this section.
EXEMPT SALESThe transfer of ownership between husband and wife; the transfer of ownership between former spouses ordered as a result of a judicial decree of divorce or judicial separation, but not including sales to third parties; the transfer of ownership between family members as a result of inheritance; the transfer of ownership through an executor's deed to a Class A beneficiary; and the transfer of ownership by court order.
FAIR MARKET VALUEThe unrestricted price of a low- or moderate-income housing unit if sold at a current real estate market rate.
FIRST MORTGAGEThe most senior mortgage securing a loan for the purchase or refinancing of a unit.
FIRST MORTGAGEEThe most senior mortgage holder who has loaned funds for the purchase or refinancing of a unit or the assigns of such most senior mortgage holder. Such mortgagee must be an institutional lender or investor, licensed or regulated by a state or federal government, or an agency thereof.
FORECLOSUREA termination of all rights of the mortgagor or the mortgagor's assigns or grantees in a unit covered by a recorded mortgage through legal processes, or through a deed in lieu of foreclosure which has been executed prior to a judicially regulated sale.
GROSS HOUSEHOLD INCOMEThe total annual income for every household member 18 years of age or over who will live in the affordable unit and receives income, including income received by adults on behalf of minor children for their benefit, and subject to the following:
(a) Generally, sources of annual income shall be based on regular income reported to the Internal Revenue Service (IRS) and which can be utilized for mortgage approval. Household annual gross income shall be calculated by projecting current gross income over a twelve-month period.
(b) Income includes, but is not limited to, wages, salaries, tips, commissions, alimony, regular scheduled overtime, pensions, social security, unemployment compensation, AFDC, verified child support, disability, net income from business or real estate and income from assets such as savings, certificates of deposit (CD's), money market mutual funds, stocks and bonds and imputed income from non-income-producing assets such as equity in real estate.
(c) Income from assets that have delayed earnings, such as individual retirement accounts (IRA's) or annuity programs, shall not be included in current income until such payments have been received. However, these assets must be reported and verified.
(d) Net rent from real estate is considered income after the monthly mortgage payment, including real estate taxes and insurance, is deducted. Other expenses are not deductible. In addition, the equity in the rental real estate is considered an asset and will have the imputed interest income on the calculated value of equity added to income.
(e) Income does not include payments, rebates or credits received under federal or state low-income home energy assistance programs. Food stamps, payments received for care of foster children, relocation assistance benefits, income of live-in attendants, scholarships, student loans, personal property such as automobiles, lump-sum additions to family assets such as inheritance, one-time lottery winnings and insurance settlements, except for additional income earned from these additions, and casual, sporadic or irregular gifts and bonuses.
HOUSING REGIONThe northeastern region as designed by the New Jersey Council on Affordable Housing, including the counties of Bergen, Hudson, Passaic and Sussex in the State of New Jersey.
IMPROVEMENTSAdditions within a unit, including materials, supplies, appliances or fixtures, which become a permanent part of the unit or are affixed to the unit.
INDIGENOUS NEEDSubstandard (deficient) housing units within the City of Clifton which are occupied by low- and moderate-income households.
LOW-INCOME HOUSEHOLDA household whose gross household income is no greater than 50% of the median regional income for households of the same size within the housing region.
LOW-INCOME UNITA housing unit which is affordable to a low-income household in accordance with the requirements of this section and the Substantive Rules and Regulations of the New Jersey Council on Affordable Housing.
MARKET RATE UNITA housing unit, within an inclusionary development, not restricted to low- and moderate-income households, that may sell at any price determined by a willing seller and a willing buyer.
MASTER DEEDThe master deed and the declaration of restrictive and protective covenants for a housing development, including any by-laws and rules and regulations, and any amendments thereto, which are to be recorded in the Office of the Register of Passaic County.
MEDIAN REGIONAL INCOMEThe most recent "uncapped" schedule of United States Department of Housing and Urban Development Section 8 income limits for Passaic County, with adjustments for household size, as published by the New Jersey Council on Affordable Housing.
MODERATE-INCOME HOUSEHOLDA household whose gross household income is in excess of 50%, but less than 80%, of the median regional income for households of the same size within the housing region.
OWNERThe current titleholder of record of a dwelling unit as indicated on the most recently dated and recorded deed for the unit. For purposes of the initial sale of a unit, the owner may be the developer. Ownership of a unit shall be deemed to be acceptable upon ratification of all the provisions of any affordable housing plans for the development in which the unit is located.
REHABILITATED UNITA previously substandard housing unit which has undergone significant renovation to meet the housing code standards of the City of Clifton and the applicable provisions of this section.
REHABILITATION MARKETING PLANThe marketing plan prepared in accordance with the requirements of this section by the Affordable Housing Agency for the purpose of advertising the City of Clifton Rehabilitation Program.
REPAYMENT CLAUSEThe obligation of a seller exercising a repayment option to pay 95% of the price differential to the City of Clifton at closing for one unit of affordable housing in the municipal housing plan.
REPAYMENT OPTIONThe option of a seller of a low- or moderate-income unit to sell a unit at fair market value, subject to compliance with the terms of the repayment clause and other applicable provisions of this section.
SENIOR CITIZEN HOUSEHOLDA household in which the primary wage earner is over 62 years of age, or a household in which there is no primary wage earner and in which at least one member of the principal household unit is over 62 years of age.
SET ASIDEThe percentage of housing units devoted to low- and moderate-income households within an inclusionary development.
STATEMENT OF EXEMPTIONA certification by the Affordable Housing Agency declaring that, in accordance with the applicable provisions of this section, the resale of an affordable unit is exempt from the requirement that the resale of the unit must be to a certified low- or moderate-income household.
SUBSTANDARD HOUSING UNITA housing unit with health and safety code violations that requires the repair or replacement of a major system. A major system includes a roof, plumbing (including wells), heating, electricity, sanitary plumbing (including septic systems) and/or a load-bearing structural system.
TOTAL MONTHLY HOUSING COSTThe total of the following monthly payments associated with the cost of the housing: mortgage payment (principal, interest, private mortgage insurance); applicable assessments by a homeowners' association; real estate taxes; and fire, theft and liability insurance. For rental units, total monthly housing costs also shall include utility costs consistent with the utility allowance approved by the Department of Housing and Urban Development (HUD) for New Jersey.