Englewood Cliffs City Zoning Code
§ 30-19.7
Affordable Housing Trust Fund.
[Pursuant to a settlement agreement entered into between the Borough and the Fair Share Housing Center dated October 8, 2020 and conditioned upon approval from the Superior Court of the State of New Jersey. Borough document labeled Ord. No. 20-18.]
a.
A Development Fee Ordinance creating a dedicated revenue source for affordable housing was adopted by the Borough on December 23, 2008, by way of Ordinance No. 30-2008; and subsequently amended on July 6, 2010, by Ordinance No. 10-2010. Said Development Fee Ordinance established the Borough's Affordable Housing Trust Fund. All development fees and interest generated by the fees are deposited in a separate interest- bearing Affordable Housing Trust Fund at TD Bank, located at 457 Sylvan Ave, in Englewood Cliffs Borough, for the purposes of affordable housing. These funds shall be spent in accordance with N.J.A.C. 5:93-8.16 as described in the sections that follow and the account is to be maintained by the Chief Financial Officer.
b.
The following additional funds shall be deposited in the Affordable Housing Trust Fund and shall at all times be identifiable by source and amount:
1.
Payments in lieu of on-site construction of affordable units;
2.
Developer contributed funds to make ten (10) percent of the adaptable entrances in a townhouse or other multistory attached development accessible;
3.
Rental income from municipally operated units;
4.
Repayments from affordable housing program loans;
5.
Recapture funds;
6.
Proceeds from the sale of affordable units; and
7.
Any other funds collected in connection with the Borough of Englewood Cliffs' affordable housing program.
c.
The Borough of Englewood Cliffs shall provide the Court with written authorization, in the form of a three-party escrow agreement between the municipality, TD Bank and a Court approved entity to permit the Court to direct the disbursement of the funds as provided for in N.J.A.C. 5:93-8.19 and 8.20.
1.
In the event of a failure by the Borough of Englewood Cliffs to comply with trust fund monitoring and reporting requirements or to submit accurate monitoring reports; or a failure to comply with the conditions of the judgment of compliance or a revocation of the judgment of compliance; or a failure to implement the approved Spending Plan; or the expenditure of funds on activities not approved by the Court; or for other good cause demonstrating the unapproved use(s) of funds, the Court may authorize the State of New Jersey, Department of Community Affairs (DCA), Division of Local Government Services (LGS), to direct the manner in which the funds in the Affordable Housing Trust Fund shall be expended, provided that all such funds shall, to the extent practicable, be utilized for affordable housing programs within the Borough of Englewood Cliffs, or, if not practicable, then within the County or the Housing Region.
(a)
Any party may bring a motion before the Superior Court presenting evidence of such condition(s), and the Court may, after considering the evidence and providing the municipality a reasonable opportunity to respond and/or to remedy the non-compliant condition(s), and upon a finding of continuing and deliberate non-compliance, determine to authorize LGS to direct the expenditure of funds in the Trust Fund. The Court may also impose such other remedies as may be reasonable and appropriate to the circumstances.
d.
All interest accrued in the housing trust fund shall only be used on eligible affordable housing activities approved by the Court.