Bogota City Zoning Code
§ 21A-14.3
Regulations Governing Sales and Rental Pricing.
[Ord. #1007, A14]
a.
Within any development, the low and moderate income units shall be priced as follows:
1.
The average price of low and moderate income units shall be, as best as practicable, affordable to households at fifty-seven and one-half (57.5%) percent of median income as contained in N.J.A.C. 5:92-12.4.
2.
In devising a range of affordability for purchased housing, the Borough of Bogota shall provide, as best as practicable, for the following distribution of prices for every twenty (20) low and moderate income units:
Units | Proposed Pricing Stratification |
|---|---|
Low | |
1 | At 40.0 through 42.5 percent |
3 | At 42.6 through 47.5 percent |
6 | At 47.6 through 50.0 percent |
Moderate | |
1 | At 50.1 through 57.5 percent |
1 | At 57.6 through 64.5 percent |
1 | At 64.6 through 68.5 percent |
1 | At 68.6 through 72.5 percent |
2 | At 72.6 through 77.5 percent |
4 | At 77.6 through 80.0 percent |
For initial occupancy, priority shall be given to households within a particular income category with flexibility based on NJ Housing and Mortgage Finance Agency affordability controls criteria. |
b.
The distribution of units by bedroom mix shall be approximately similar within each of the price categories set forth herein.
c.
Each unit offered for sale shall be affordable to a household at the appropriate income level — spending not more than twenty-eight (28%) percent of the eligible gross household income for the sum of the following:
1.
Principle and interest on a mortgage, based on a percent down payment and realistically available mortgage interest rates;
2.
Property taxes at the rate currently levied in the borough, based upon the assessed value of the unit which shall be the low and moderate income dwelling unit selling price multiplied by the current equalization ratio;
3.
Insurance; and homeowner's association fees, if any;
4.
The proposed prices of low and moderate income units, and the calculations by which those prices have been established, shall be submitted to the administering agency as a part of the application for preliminary site plan approval. Nothing contained herein shall prevent any applicant from qualifying purchasers on the basis of mortgage interest rate established through use of New Jersey Housing and Mortgage Finance Agency financing, or through use of mortgage buydowns or adjustable rate mortgages, provided that any such buydown or mortgage provides for an annual rate of increase in mortgage interest rate of no more than one-half (1/2) of one (1%) percent.
d.
If low or moderate income units are to be offered for rent, they shall be rented for no more than thirty (30%) percent of the eligible gross household income of a household at each income level. Said rental is to be inclusive of all services, maintenance and utilities. In the event that any utility or other charges are paid directly by the tenant, the maximum rental of thirty (30%) percent shall represent the sum of the contract rent and all such utility or other charges. Rents shall be set individually for each tenant, on the basis of individually verified household income.
In establishing affordability of a unit of a given number of bedrooms, such units shall be priced to be affordable as set forth above to household sites as follows:
Efficiency unit | 1 person household |
1 bedroom unit | 1 person household |
2 bedroom unit | 3 person household |
3 bedroom unit | 5 person household |