The following terms, as used in this section, 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% affordable development.
COAH or THE COUNCIL
The New Jersey Council on Affordable Housing and/or its successors
and assigned pursuant to applicable laws.
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 by applicable COAH regulations.
EQUALIZED ASSESSED VALUE
The assessed value of a property divided by the current average
ratio of assessed to true value for the Township 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. 54:135a 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 Parsippany-Troy Hills Township municipal housing liaison
shall provide annual reporting of Affordable Housing Trust Fund activity
to the State of New Jersey, Department of Community Affairs, Council
on Affordable Housing or Local Government Services, or other entity
designated by the State of New Jersey, with a copy provided to Fair
Share Housing Center and posted on the municipal website, using forms
developed for this purpose by the New Jersey Department of Community
Affairs, Council on Affordable Housing or Local Government Services.
The reporting shall include an accounting of all Affordable Housing
Trust Fund activity, including the sources and amounts of funds collected
and the amounts and purposes for which any funds have been expended.
Such reporting shall include an accounting of development fees collected
from residential and nonresidential developers, payments in lieu of
constructing affordable units on site (if permitted by ordinance or
by agreement with the Township), funds from the sale of units with
extinguished controls, barrier free escrow funds, repayments from
affordable housing program loans, and any other funds collected in
connection with the Township's housing program, as well as an accounting
of the expenditures of the revenues and implementation of the spending
plan approved by the Court.
The ability for the Township of Parsippany-Troy Hills to impose,
collect and, expend development fees shall expire with its substantive
certification unless Parsippany-Troy Hills Township has filed an adopted
Housing Element and Fair Share Plan with the Court, COAH or its successor
agency, has petitioned for substantive certification, and has received
the Court's or COAH's approval of its development fee ordinance. If
the Township of Parsippany-Troy Hills fails to renew its ability to
impose and collect development fees prior to the date of 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 Township of Parsippany-Troy Hills 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.