Englewood Cliffs City Zoning Code
§ 30-19.8
Use of Funds.
[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.
The expenditure of all funds shall conform to a spending plan previously approved by COAH, and a new Spending Plan approved by the Court.
b.
The Court previously approved the Borough's right to use the trust fund to purchase a 1.9 million dollar parcel to be added to land the Borough controlled for a 100% set-aside. That expense and related costs shall be a permissible use of trust fund money.
c.
Funds shall not be expended to reimburse the Borough of Englewood Cliffs for past housing activities.
d.
At least thirty (30%) percent of all development fees collected and interest earned shall be used to provide affordability assistance to low- and moderate-income households in affordable units included in the municipal Fair Share Plan. One-third of the affordability assistance portion of development fees collected shall be used to provide affordability assistance to those households earning thirty (30%) percent or less of median income by region.
1.
Affordability assistance programs may include down payment assistance, security deposit assistance, low interest loans, rental assistance, assistance with homeowners association or condominium fees and special assessments, and assistance with emergency repairs.
2.
Affordability assistance to households earning thirty (30%) percent or less of median income may include buying down the cost of low or moderate income units in the municipal Fair Share Plan to make them affordable to households earning thirty (30) percent or less of median income.
3.
Payments in lieu of constructing affordable units on site and funds from the sale of units with extinguished controls shall be exempt from the affordability assistance requirement.
4.
The 30% requirement may be satisfied as set forth in the Borough's Spending Plan.
e.
The Borough of Englewood Cliffs may contract with a private or public entity to administer any part of its Housing Element and Fair Share Plan, including the requirement for affordability assistance, in accordance with N.J.A.C. 5:93-8.16.
f.
No more than 20% of all revenues collected from development fees, may be expended on administration, including, but not limited to, salaries and benefits for municipal employees or consultant fees necessary to negotiate a settlement with FSHC and any developer, to prepare a Housing Element and Fair Share Plan, and to implement a Housing Element and Fair Share Plan. Administrative funds may be used to retain an administrative agent, for income qualification of households, monitoring the turnover of sale and rental units, and compliance with COAH's monitoring requirements. Administrative funds may be used to pay the fees of the Master and Special Counsel appointed by the Court to assist in formulating and implementing settlement(s), formulating a housing element and fair share plan, reviewing and making recommendations to the Court in conjunction with the Borough's efforts to secure approval of settlements and its housing element and fair share plan. Administrative fees may also be used to pay for the expense of the Special Hearing Officer in conjunction with duties the Court assigns to him. Administrative fees may be used for any other purpose permitted by COAH regulations. Legal or other fees related to litigation opposing affordable housing sites or objecting to COAH's regulations and/or any Court action are not eligible uses of the affordable housing trust fund.