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 of 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. This term shall also apply to any successor
agency, without the necessity of amending this article.
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.
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 ability for Wanaque to impose, collect and expend development
fees shall expire with substantive certification unless Wanaque 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 Wanaque 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. Wanaque shall not expend
development fees after the expiration of its substantive certification
or judgment of compliance.