Avalon City Zoning Code
§ 27-11.13
Control Periods for Restricted Rental Units.
[Ord. No. 775-2018 § 27-11.4]
a.
Control periods for restricted rental units shall be in accordance with N.J.A.C. 5:80-26.11, and each restricted rental unit shall remain subject to the controls on affordability for a period of at least thirty (30) years, until the municipality takes action to release the controls on affordability.
1.
Restricted rental units created as part of developments receiving nine percent (9%) Low Income Housing Tax Credits must comply with a control period of not less than a 30-year compliance period plus a 15-year extended use period.
b.
Rehabilitated renter-occupied housing units that are improved to code standards shall be subject to affordability controls for a period of ten (10) years.
c.
Deeds of all real property that include restricted rental units shall contain deed restriction language. The deed restriction shall have priority over all mortgages on the property, and the deed restriction shall be filed by the developer or seller with the records office of the County of Cape May. A copy of the filed document shall be provided to the Administrative Agent within thirty (30) days of the receipt of a Certificate of Occupancy.
d.
A restricted rental unit shall remain subject to the affordability controls of this Ordinance, despite the occurrence of any of the following events: