The requirements of this article apply to all developments that
contain affordable housing units, including any currently unanticipated
future developments that will provide low- and moderate-income housing
units.
Price restrictions for restricted ownership units shall be in
accordance with N.J.A.C. 5:80-26.1, as may be amended and supplemented,
including:
A. The initial purchase price for a restricted ownership unit shall
be approved by the administrative agent.
B. The administrative agent shall approve all resale prices, in writing
and in advance of the resale, to assure compliance with the foregoing
standards.
C. The method used to determine the condominium association fee amounts
and special assessments shall be indistinguishable between the low-
and moderate-income unit owners and the market unit owners.
D. The owners of restricted ownership units may apply to the administrative
agent to increase the maximum sales price for the unit on the basis
of capital improvements. Eligible capital improvements shall be those
that render the unit suitable for a larger household or the addition
of a bathroom.
In the event that a property is approaching the expiration of
controls, the Township of Brick shall have the option to extend those
controls through the expenditure of Affordable Housing Trust funds
through the following options:
A. Purchase and resell or rent the unit in compliance with income eligibility
requirements with a thirty-year affordable housing deed restriction.
B. Purchase and resell as a market rate unit, depositing the proceeds
of the sale in the Affordable Housing Trust Fund to be devoted soley
to the creation, rehabilitation or maintenance of low- and moderate-income
housing with the authority and approval of the Brick Township Council.
C. Impose extension of expiring affordability controls via Township
Council resolution.
D. Expenditure of Affordable Housing Trust funds for the purchase of
additional thirty-year deed restrictions to expiring affordability
controls on rental and for sale units.
E. Expenditure of Affordable Housing Trust funds for the recapture of
properties in foreclosure for the purposes of retaining and extended
affordability controls on properties for 30 years.
Each housing unit created through the conversion of a nonresidential
structure shall be considered a new housing unit and shall be subject
to the affordability controls for a new housing unit.
Scattered-site affordable housing units for single-family residential
sale and rental and multifamily rental or condo units shall be permitted
in all residential and the B-1 and B-2 commercial zones, provided
that:
A. The site is approved by the Township Council by resolution.
B. The dwelling units are single-family detached units.
C. The site shall meet the area, yard and building requirements which
conform to the zone in which the site is located. No site plan or
variance approval shall be required.
D. The developer is a not-for-profit corporation.
E. The housing unit shall be utilized and legally restricted to affordable
housing in accordance with the provisions of N.J.A.C. 5:93 et seq., the Uniform Housing Affordability Controls, N.J.A.C. 5:80-26.1
et seq., except where modified by the terms of a settlement agreement
and the Court.