The following terms, as used in this chapter, 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 N.J.S.A. 54:1-35c).
GREEN BUILDING STRATEGIES
Those strategies that minimize the impact of development
on the environment, and enhance the health, safety and well-being
of residents by producing durable, low-maintenance, resource-efficient
housing while making optimum use of existing infrastructure and community
services.
The Borough of Chatham 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 the Borough
of Chatham'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 Borough of Chatham to impose, collect and
expend development fees shall expire with its substantive certification
unless the Borough of Chatham 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 Borough of Chatham 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
of Chatham 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 of Chatham retroactively impose a development fee on such
a development. The Borough of Chatham shall not expend development
fees after the expiration of its substantive certification or judgment
of compliance.