The purpose of this chapter is to establish standards for the
collection, maintenance and expenditure of development fees in accordance
with the Supreme Court decision in Holmdel Builder's Ass'n
v. Holmdel Township, 121 NJ 550 (1990) and pursuant to regulations
adopted by the New Jersey Council on Affordable Housing (COAH). Fees
collected pursuant to this chapter shall be used for the sole purpose
of providing low and moderate income housing.
DEVELOPMENT FEES
Money paid by an individual, person, partnership, association,
company or corporation for the improvement of property as permitted
in N.J.A.C. 5:93-8.
EQUALIZED ASSESSED VALUE
The value of a property determined by the Municipal Tax Assessor
through a process designed to ensure that all property in the municipality
is assessed at the same assessment ratio or ratios required by law.
Estimates at the time of building permit may be obtained by the tax
assessor utilizing estimates for construction cost. Final equalized
assessed value will be determined at project completion by the Municipal
Tax Assessor.
HOUSING TRUST FUND
The interest bearing account in which all development fees
will be deposited pursuant to N.J.A.C. 5:93-8.15.
INCLUSIONARY DEVELOPMENT
A development containing low and moderate income units. This
term includes, but is not necessarily limited to, new construction,
the conversion of a nonresidential structure to a residential structure
and the creation of new low and moderate income units through gut
rehabilitation of a vacant residential structure.
JUDGMENT OF REPOSE
A judgment issued by the Superior Court approving a municipality's
plan to satisfy its fair share obligation.
This chapter permitting the collection of development fees shall
expire as a result of any of the following:
A. An action of the court with jurisdiction or COAH's dismissal
or denial of a petition for substantive certification.
B. An action by the court with jurisdiction or COAH's revocation
of either substantive certification or its certification of this chapter.
C. The expiration of the time defined by a judgment of repose or substantive
certification unless the Borough has filed an adopted housing element
with COAH; petitioned for substantive certification; and received
COAH's approval of its development fee ordinance.