A.
Establishment of fund. There is hereby established in the Township of Wayne an account known as the "Affordable Housing Trust Fund" or the "Housing Fund," which shall have as its primary purpose the support of low- and moderate-income housing in the Township of Wayne and the region in which it is included, in furtherance of the mandates of the Constitution of the State of New Jersey. The trustees of the Housing Fund shall be the Municipal Council of the Township of Wayne. Funds to be deposited in the Affordable Housing Trust Fund shall be paid to and deposited in the Housing Fund by the Township Treasurer.
B.
General powers. The Municipal Council, acting as trustees of the fund, shall have the following powers:
(1)
To appoint a person or organization to administer the fund on its behalf and at its direction.
(2)
To use the money generated from the fund to:
(a)
Transfer funds to other municipalities or other public entities in the region to provide for the regional housing needs through any method approved by the Court.
(b)
Provide funds for costs of administering the fund.
(c)
Provide funds for planning and administering any other method of advancing affordable housing approved by the Court.
C.
The Housing Fund shall be the repository for all surplus funds in the event of foreclosure and upon the removal of affordability deed restriction covenants, regarding covenants and controls on sales and rentals, and in the event that a rental surcharge is ever permitted to be imposed.
D.
The Housing Fund shall be the repository for all governmental moneys to be expended for the provision or rehabilitation of affordable housing, except where moneys are required by the funding source to be held in a separate account.
E.
The Housing Fund shall be the repository for all funds derived from voluntary developer contributions pursuant to § 213-61 of this Code.
F.
The Affordable Housing Board shall make recommendations to the governing body for disbursements from the fund in accordance with applicable affordable housing program requirements. No disbursements shall be made from the Housing Fund until the governing body shall have authorized such disbursements by resolution and shall have established appropriate guidelines and procedures for such disbursements.
G.
Funds may be used to reimburse the Township for salaries and other expenditures connected with the execution of the Township's responsibilities to assist in the provision of affordable housing in accordance with Chapter 134, Land Development.
H.
Termination of the Housing Fund. The Township may terminate the Housing Fund when it is no longer needed for low- and moderate-income purposes. At that time, any funds on hand not needed to retire outstanding debt or to pay outstanding bills shall be utilized by the Township for affordable housing purposes.