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 30 years.

Developments that receive 9% Low Income Housing Tax Credits shall have control periods of not less than 30 years, plus a 15-year extended use period.

Rehabilitated renter-occupied housing units that are improved to code standards shall be subject to affordability controls for a period of ten years.

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 Mercer. A copy of the filed document shall be provided to the Administrative Agent within 30 days of the receipt of a Certificate of Occupancy.

A restricted rental unit shall remain subject to the affordability controls of this Ordinance, despite the occurrence of any of the following events: