This article establishes standards for the collection, maintenance,
and expenditure of development fees that are consistent with COAH's
regulations developed in response to P.L. 2008, c. 46, Sections 8
and 32-38 (C. 52:27D-329.2) and the Statewide Non-Residential Development
Fee Act (C. 40:55D-8.1 through 8.7). Fees collected pursuant to this
article shall be used for the sole purpose of providing very-low-,
low- and moderate-income housing.
The following terms shall have the meanings indicated:
COAH
The New Jersey Council on Affordable Housing.
DEVELOPMENT FEES
Money paid by an individual, person, partnership, association,
company or corporation for the improvement of property as permitted
in current affordable housing rules.
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 issuance of a building permit may be obtained
utilizing estimates for construction cost. Final equalized assessed
value will be determined at project completion by the municipal tax
assessor.
JUDGMENT OF COMPLIANCE
A judgment issued by the Superior Court approving a municipality's
housing element and fair share plan in accordance with the provisions
of the Fair Housing Act and the rules and criteria as set forth herein.
A grant of substantive certification shall be valid for a period of
10 years or as otherwise may be determined by the Superior Court in
accordance with the terms and conditions therein.
There is hereby created an interest bearing housing trust fund
for the purpose of receiving development fees from all residential
and nonresidential developers. All development fees paid by developers
pursuant to this chapter shall be deposited into this fund. No money
shall be expended from the housing trust fund unless the expenditure
conforms to an approved spending plan.
[Ord. No. 2004-28; Ord. No. 2005-16; Ord.
No. 2005-27; Ord. No. 2016-02; Ord. No. 2021-15]
A. Money deposited in the housing trust fund may be used for any activity
identified in the Borough's approved housing plan for addressing the
Borough of Hightstown's low and moderate income housing obligation.
Such activities may include, but are not necessarily limited to: housing
rehabilitation, new construction, the purchase of land for low and
moderate income housing, extensions and/or improvements of roads and
infrastructure to low and moderate income housing sites, assistance
designed to render units for more affordable to low and moderate income
households and administrative costs necessary to implement the Borough
of Hightstown's housing element. The expenditure of all money shall
conform to an approved spending plan.
B. At least 30% of the revenues collected shall be devoted to render
units more affordable. Examples of such activities include, but are
not limited to: down payment and closing cost assistance, low interest
loans and rental assistance.
C. No more than 20% of the revenues collected each year shall be expended
on administrative costs necessary to develop, revise or implement
the housing element. Examples of eligible administrative activities
include: personnel, consultant services, space costs, consumable supplies
and rental or purchase of equipment directly associated with plan
development or plan implementation.
D. Development fee revenues shall not be expended to reimburse the Borough
of Hightstown for housing activities that preceded a first or second
round substantive certification.