This ordinance may be cited as the "Housing Rehabilitation Program of
the Township of Readington" ("program").
Whereas the deteriorating quality of the low- to moderate-income housing
located within the borders has created a substantial hazard to the public
health and welfare, safety and the quality of life, it is the opinion of the
Township Committee that an ordinance should be adopted detailing a comprehensive
plan to effectuate a community developed housing rehabilitation program in
the Township of Readington. Included in such a plan are the guidelines for
eligibility, financing options, funding sources and program administration
procedures.
As used in this ordinance, the following terms shall have the meanings
indicated:
AFTER-VALUE APPRAISAL
Consists of a real estate appraisal completed by a New Jersey licensed
real estate appraiser giving value to the property after rehabilitative construction
would be completed.
AS-IS APPRAISAL
Consists of a real estate appraisal completed by a New Jersey licensed
real estate appraiser giving value to the property prior to any rehabilitative
construction.
DEFERRED REPAYMENT LOAN
A loan made to a qualified, eligible family unit, upon which no interest
is charged nor repayments made until the loan is called for repayment in full
under conditions triggering the same as shall be promulgated by the Housing
Rehabilitation Committee.
ELDERLY HOUSEHOLD
A family unit where the head of the family unit is 62 years of age
or older.
GRANT
A sum of money given without obligation by the Housing Rehabilitation
Program Seed Fund and, subsequently, the Housing Rehabilitation Revolving
Loan Fund to eligible elderly household family units and low-income family
units to be used only for the specified rehabilitation project approved by
the Housing Rehabilitation Committee.
HUNTERDON COUNTY MEDIAN INCOME
The median family income adjusted for family size, as determined
by the United States Department of Housing and Urban Development, which is
published by the New Jersey Housing and Mortgage Finance Agency.
LOAN
A sum of money borrowed from and to be repaid to the Housing Rehabilitation
Program Fund with interest and principal repayment terms derived from a range
of 1% to 3% and one to 15 years, depending on the type of family unit applying
and other such criteria as may be adopted by the Housing Rehabilitation Committee
to be used only for the specified rehabilitation project approved by the Housing
Rehabilitation Committee.
LOW-INCOME FAMILY UNIT
A family unit whose gross income is 50% or less than the Hunterdon
County median income.
ORDINANCE
The Township of Readington's Housing Rehabilitation Program.
MODERATE-INCOME FAMILY UNIT
A family unit whose gross income is in the range between and including
51% to 80% of the Hunterdon County median income.
TOWNSHIP HOMEOWNER
Any resident of the Township of Readington owning a one- or two-family
residence.
The target area for the Housing Rehabilitation Program is Readington
Township.
Any improvement will qualify under the program as it is necessary to restore or bring up to the applicable property rehabilitation standards, as denoted in §
A282-9, for any one- or two-family residence of an eligible family unit.
The costs of improvements initiated or completed prior to the enactment
of this ordinance and prior to the approval of an application made hereunder
will not be eligible for inclusion in this program.
[Amended 12-28-1989 by Ord. No. 271-89]
The Policy Guidelines, Procedures Manual and Exhibits Sections of the
Housing Rehabilitation Program of Readington Township, New Jersey, as drawn
by Clarke & Caton, 342 West State Street, Trenton, New Jersey 08618, are
incorporated by specific reference to them and made a part of this ordinance
as if more fully set forth at length herein. Three copies of aforesaid documents
are on file with the Clerk of Readington Township.