[Ord. No. O-06-05 § 1]
Pursuant to the provisions of the Third Round Substantive Rules
promulgated and adopted by the New Jersey Council on Affordable Housing,
N.J.A.C. 5:94 et seq. and N.J.A.C. 5:95 et seq., it is hereby declared
that the purpose of this Article is to help the City of Bayonne fulfill
its affirmative obligation to facilitate the provision of affordable
housing.
[Ord. No. O-06-05 § 1]
As used in this Article, words and phrases shall have the same
meanings they have pursuant to N.J.A.C. 5:94-1.4, as said provision
may from time to time be amended.
[Ord. No. O-06-05 § 1]
With the written approval and favorable recommendation the Fair Housing Committee, and except as modified in subsection
33-17.2 above, the applicant may choose to satisfy its affordable housing growth share obligation through the mechanisms permitted in COAH's Rules, including:
a. On-site affordable housing production;
b. Off-site affordable housing production in the City;
c. The purchase of an existing market rate home(s) at another location
in the community and its conversion to an affordable price-restricted
home in accordance with COAH's Rules;
d. Participation in reconstruction and/or buy-down/write-down, buy-down/rent-down
programs;
e. Payment of a contribution in lieu of construction; and/or
f. Any other compliance mechanism permitted by COAH's Rules.