[Adopted 6-30-2012 by Ord. No. 12-12]
Pursuant to the New Jersey Fair Housing
Act, N.J.S.A. 52:27D-301, et seq., the Township of Vernon has collected
development fees from developers of residential property so that the
Township may advance and fund the creation of affordable housing in
the Township.
As of May 31, 2012, the available
balance of the Township's affordable housing trust is $236,788.09.
N.J.S.A. 52:27D-329.2 provides that
the development fees collected by the Township shall be committed
for expenditure within four years from the date of collection.
The Township desires to irrevocably
obligate, bind, pledge, and consign for preservation the development
fees it has collected so that it may further advance and fund the
creation of affordable housing in the Township.
The Mayor and Council of the Township
of Vernon hereby create the "Vernon Township Affordable Housing Irrevocable
Trust."
The Mayor, Township Clerk, Township
Attorney, and Chief Financial Officer are hereby authorized and directed
to take all steps and execute any documents which are reasonably necessary
to transfer all collected development fees to the Vernon Township
Affordable Housing Irrevocable Trust established for the purpose of
advancing and funding the creation of affordable housing in the Township.
All ordinances or parts of ordinances
inconsistent herewith are hereby repealed to the extent of such inconsistency.
If any section, paragraph, subsection,
clause or provision of this article shall be adjudged invalid, such
adjudication shall apply only to the section, paragraph, subsection,
clause or provision so adjudged and the remainder of the article shall
be deemed valid and effective.
This article shall take effect upon
final passage and publication as provided by law. (This article was
adopted on June 30, 2012, by Ord. No. 12-12)
