A Write-Down/Buy-Down Program shall be a part of the
Township’s housing element consistent with N.J.A.C. 5:93-5.11.
The purpose of the program is to write-down or buy-down the cost of
previously owned market rate units and offer them in sound condition
at affordable prices to low- and moderate-income households. The Township
utilizing this program shall:
Propose one unit which is less than 25% of the Township’s
net inclusionary or new construction component and which is no more
than the number of units set forth for such program in the housing
element of the Township’s Master Plan.
Demonstrate that the COAH mandated range of affordability
will be accommodated elsewhere in the housing plan. The sale price
shall be based on the number of bedrooms in accordance with N.J.A.C.
5:93-7.4.
The Council on Affordable Housing shall assess the
municipality’s write-down/buy-down program at the end of a two-year
period from date of substantive certification and the Township shall
prepare a plan to address any unmet units at that time.