Any application submitted under the provisions of this chapter shall be required to provide a plan for controlling resale or rerental of the units in order to ensure that the units remain affordable to low and moderate income households for no less than twenty (20) years from the date of initial occupancy.

Any plan for controlling the resale of low and moderate income units shall permit the owner of each unit, upon resale, to sell such unit for a price determined as follows:

The plan shall provide that the low income units upon resale may be sold to low income buyers, and the moderate income units to either low or moderate income buyers; provided, however, that the administering agency may establish reasonable provisions for waivers of this condition on a case by case basis in the event it finds that a particular unit may not feasibly be sold subject to this condition. In the event that the administering agency grants such a waiver, it shall provide that the unit be sold at the formula price and that the resale controls remain in effect for any subsequent sale of the unit.

Resale controls shall be embodied in a deed restriction on the property that shall be submitted by the developer at the time of preliminary site plan approval, and shall be subject to approval by the municipal attorney and by the administering agency. All deed restrictions shall be consistent with all of the provisions of this section, and with any regulations adopted by the administering agency.

Any low or moderate income unit offered as a rental unit shall continue to be offered as a rental unit for at lest twenty (20) years. After twenty (20) years, they may be converted to condominium or cooperative occupancy, but must be sold at prices affordable to low or moderate income households, and subject to resale controls consistent with this section.

Rehabilitated owner occupied single family housing units that are improved to code standards shall be subject to affordability controls for a least six (6) years and rehabilitated renter occupied housing units meeting code standards shall be subject to affordability controls for a least ten (10) years.

The Bergen County Housing Authority shall b e the administering agency responsible for administering the provisions of this section.

Property owners of single family, owner occupied housing may apply to Bogota for permission to increase the maximum price for eligible capital improvements. Eligible capital improvements shall be those that render the unit suitable for a larger household. In no event shall the maximum price of an improved housing unit exceed the limits of affordability for the larger household. Property owners shall apply to the municipality if an increase in the maximum sales price is sought.