District Regulations
Proposed Pricing Stratification | |
|---|---|
Low | 1 at 40% through 42.5% |
3 at 42.6% through 47.5% | |
6 at 47.6% through 50% | |
Moderate | 1 at 50.1% through 57.5% |
1 at 57.6% through 64.5% | |
1 at 64.6% through 68.5% | |
1 at 68.6% through 72.5% | |
2 at 72.6% through 77.5% | |
4 at 77.6% through 80% |
Rental units: rent, excluding utilities. Maximum rent shall be calculated as a percentage of the uncapped Section 8 income limits. | |
Sales Units: | Principal and interest |
Insurance | |
Taxes | |
Condominium or homeowners' association fees | |
Condominium or homeowners' association fees shall be consistent with N.J.A.C. 5:92-12.12(a), which is as follows: | |
|---|---|
"5:92-12.12 Initial pricing | |
(a) | Municipalities shall require that the initial price of a low- and moderate-income owner-occupied single-family housing unit be established so that after a down payment of 10%, the monthly principal, interest, taxes, insurance and condominium fees do not exceed 28% of an eligible gross monthly income. Municipalities shall, by ordinance, require that master deeds of inclusionary development regulate condominium or homeowner association fees or special assessments of low- and moderate-income purchasers at a specific percentage of those paid by market purchasers. Once established within the master deed, the percentage shall not be amended without prior approval from the Council on Affordable Housing." |
Minimum Percentage of Low- and Moderate-Income Units Completed | Percentage of Market Housing Units Completed |
|---|---|
0% | 25% |
10% | 25%, plus 1 unit |
50% | 50% |
75% | 75% |
100% | 90% |
100% | 100% |
District Regulations
Proposed Pricing Stratification | |
|---|---|
Low | 1 at 40% through 42.5% |
3 at 42.6% through 47.5% | |
6 at 47.6% through 50% | |
Moderate | 1 at 50.1% through 57.5% |
1 at 57.6% through 64.5% | |
1 at 64.6% through 68.5% | |
1 at 68.6% through 72.5% | |
2 at 72.6% through 77.5% | |
4 at 77.6% through 80% |
Rental units: rent, excluding utilities. Maximum rent shall be calculated as a percentage of the uncapped Section 8 income limits. | |
Sales Units: | Principal and interest |
Insurance | |
Taxes | |
Condominium or homeowners' association fees | |
Condominium or homeowners' association fees shall be consistent with N.J.A.C. 5:92-12.12(a), which is as follows: | |
|---|---|
"5:92-12.12 Initial pricing | |
(a) | Municipalities shall require that the initial price of a low- and moderate-income owner-occupied single-family housing unit be established so that after a down payment of 10%, the monthly principal, interest, taxes, insurance and condominium fees do not exceed 28% of an eligible gross monthly income. Municipalities shall, by ordinance, require that master deeds of inclusionary development regulate condominium or homeowner association fees or special assessments of low- and moderate-income purchasers at a specific percentage of those paid by market purchasers. Once established within the master deed, the percentage shall not be amended without prior approval from the Council on Affordable Housing." |
Minimum Percentage of Low- and Moderate-Income Units Completed | Percentage of Market Housing Units Completed |
|---|---|
0% | 25% |
10% | 25%, plus 1 unit |
50% | 50% |
75% | 75% |
100% | 90% |
100% | 100% |