The following terms, as used in this article, 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 100-percent affordable development.
COAH or the COUNCIL
The New Jersey Council on Affordable Housing established
under the Fair Housing Act which previously had primary jurisdiction
for the administration of housing obligations in accordance with sound
regional planning consideration in the State.
DEVELOPER
The legal or beneficial owner (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.
c.54:1-35c).
TOWNSHIP
Franklin Township in Somerset County.
The Township shall monitor 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 Township's housing program, as well
as the expenditure of revenues and implementation of the plan approved
by the Court. Such collections and expenditures shall be reported
in the manner required by law, rule or Court.
The ability for the Township to impose, collect and expend development
fees shall expire with its judgment of compliance unless the Township
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. The Township
shall not impose a residential development fee on a development that
receives preliminary or final site plan approval after the expiration
of its judgment of compliance, nor shall the Township retroactively
impose a development fee on such a development. The Township shall
not expend development fees after the expiration of its substantive
certification or judgment of compliance.