Englewood Cliffs City Zoning Code
§ 30-19B.8
Price Restrictions for Restricted Ownership Units, Homeowner Association Fees and Resale Prices.
[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. 20-20.]
Price restrictions for restricted ownership units shall be in accordance with N.J.A.C. 5:80-26.1, as may be amended and supplemented, including:
a.
The initial purchase price for a restricted ownership unit shall be approved by the Administrative Agent.
b.
The Administrative Agent shall approve all resale prices, in writing and in advance of the resale, to assure compliance with the foregoing standards.
c.
The method used to determine the condominium association fee amounts and special assessments shall be indistinguishable between the low- and moderate-income unit owners and the market unit owners.
d.
The owners of restricted ownership units may apply to the Administrative Agent to increase the maximum sales price for the unit on the basis of capital improvements. Eligible capital improvements shall be those that render the unit suitable for a larger household or the addition of a bathroom.