[Adopted 8-16-2016 by Ord. No. 16-10]
This article establishes standards for the collection, maintenance,
and expenditure of development fees for the sole purpose of providing
low- and moderate-income housing. It also authorizes the creation
of an Affordable Housing Trust Fund.
The construction official responsible for the issuance of a building permit shall notify the local Tax Assessor of the issuance of the first building permit for a development which may be subject to an affordable housing development fee. Within 90 days of receipt of that notice, the Municipal Tax Assessor, based on the plans filed, shall provide an estimate of the equalized assessed value of the development. The construction official responsible for the issuance of a final certificate of occupancy shall notify the local Tax Assessor of any and all requests for the scheduling of a final inspection on property which may be subject to a nonresidential development fee. Within 10 business days of a request for the scheduling of a final inspection, the Municipal Assessor shall confirm or modify the previously estimated equalized assessed value of the improvements, calculate the development fee, and thereafter notify the developer of the amount of the development fee. Should the municipality fail to determine or notify the developer of the amount of the development fee within 10 business days of the request for final inspection, the developer may estimate the amount due and pay that estimated amount consistent with the dispute process set forth below in §
3-5.
The development fee shall be paid directly to the municipality
prior to the issuance of a certificate of occupancy for such development.
A final certificate of occupancy shall not be issued for any residential
or nonresidential development subject to this article until such time
as the fee imposed has been paid by the developer. A developer may
deposit with the appropriate entity the development fees as calculated
by the municipality under protest, and the local Code Enforcement
Official shall issue the certificate of occupancy provided that the
construction is otherwise eligible for a certificate of occupancy.
All fees must be deposited in a separate interest-bearing account
for the purposes of affordable housing, known as the "Borough's Affordable
Housing Trust Fund."
There is hereby created a separate, interest-bearing Housing
Trust Fund to be maintained by the Chief Financial Officer for the
purpose of depositing development fees collected from residential
and nonresidential developers and other activities that generate affordable
housing funds, including, but not limited to, proceeds from the sale
of affordable units, rental income from municipally operated units,
repayments from affordable housing program loans, recapture funds,
and any other funds collected in connection with the Borough of Merchantville's
Affordable Housing Program All interest accrued in the Housing Trust
Fund shall only be used on eligible affordable housing activities.
Release of the funds requires the adoption of a Council resolution
in accordance with the Borough's adopted spending plan. Once a request
is approved, the Municipal Chief Financial Officer releases the revenues
from the Trust Fund for the specific use, as per the governing body's
resolution. Funds shall not be expended to reimburse the Borough for
past housing activities.