As used in this article, the following terms shall have the meanings indicated:
AFFORDABLEA sales price or rent level that is within the means of a low- or moderate-income household as defined within N.J.A.C. 5:93-7.4, and, in the case of an ownership unit, that the sales price for the unit conforms to the standards set forth in N.J.A.C. 5:80-26.6, as may be amended and supplemented, and, in the case of a rental unit, that the rent for the unit conforms to the standards set forth in N.J.A.C. 5:80-26.12, as may be amended and supplemented.
AFFORDABLE HOUSING ADMINISTRATOR (AH ADMINISTRATOR)The entity responsible for administering the affordability controls of some or all units in the affordable housing program for the Township of Jackson to ensure that the restricted units under administration are affirmatively marketed and sold or rented, as applicable, to only low- and moderate-income households.
AFFORDABLE HOUSING DEVELOPMENTA development included in or approved pursuant to the Housing Element and Fair Share Plan or otherwise intended to address the Township's fair share obligation, and includes, but is not limited to, an inclusionary development, a municipal construction project or a one-hundred-percent affordable housing development.
AGE-RESTRICTED UNITA housing unit designed to meet the needs of, and exclusively for, the residents of an age-restricted segment of the population such that:
A. All the residents of the development wherein the unit is situated are 62 years of age or older; or
B. At least 80% of the units are occupied by one person who is 55 years of age or older; or
C. The development has been designated by the Secretary of the United States Department of Housing and Urban Development as "housing for older persons" as defined in Section 807(b)(2) of the Fair Housing Act, 42 U.S.C. § 3607.
DEVELOPER'S AFFORDABLE HOUSING PLANA plan submitted by the developer and approved by the affordable housing administrator which shall identify the manner in which the developer plans to develop, price, market and restrict the low- and moderate-income dwelling units in accordance with this article.
EXEMPT SALESIncludes the transfer of ownership between husband and wife and transfers of ownership between former spouses as a result of a judicial decree of divorce or a judicial separation, but not including sales to third parties; the transfer of ownership between family members as a result of inheritance; the transfer of ownership through an executor's deed to a Class A beneficiary and a transfer of ownership by court order.
FAIR MARKET VALUEThe unrestricted price of a low- or moderate-income housing unit if sold at a current real estate market rate.
INCLUSIONARY DEVELOPMENTA residential housing development in which a percentage of the housing units are reserved for low- and moderate-income households. This term includes, but is not limited to: new construction, the conversion of a nonresidential structure to residential use and the creation of new affordable units through the gut rehabilitation or reconstruction of a vacant residential structure.
LOW-INCOME HOUSINGHousing affordable according to Council on Affordable Housing (COAH) standards for home ownership and rental costs and occupied or reserved for occupancy by households with a gross household income equal to 50% or less of the median gross household income for households of the same size within the housing region in which the house is located and subject to affordability controls.
MODERATE-INCOME HOUSINGHousing affordable according to Council on Affordable Housing (COAH) standards for home ownership and rental costs and occupied or reserved for occupancy by households with a gross household income of more than 50% but less than 80% of the median gross household income for households of the same size within the housing region in which the house is located and subject to affordability control.
MUNICIPAL HOUSING LIAISONThe employee charged by the governing body with the responsibility for oversight and administration of the affordable housing program for the Township of Jackson.
PRICE DIFFERENTIALThe difference between the controlled unit sale price and the fair market value as determined at the date of the proposed contract of sale after reasonable real estate broker fees have been paid.
REPAYMENT CLAUSEObligation of a seller exercising the repayment option to pay 95% of the price differential to a municipality at closing for use within the municipal housing plan.
REPAYMENT OPTIONThe option of a seller of a low- or moderate-income unit to sell a unit pursuant to N.J.A.C. 5:92-12.7 at a fair market value subject to compliance with the terms of the repayment clause.
SET-ASIDEThe percentage of housing units devoted to low- and moderate-income households within an inclusionary development.
UNIT COMPLETIONThe receipt of any temporary or final certificate of occupancy.
VERY-LOW-INCOME HOUSINGHousing affordable according to the Council on Affordable Housing (COAH) standards for home ownership and rental costs and occupied or reserved for occupancy by households with a gross household income of 30% or less of the median gross household income for households of the same size within the housing region in which the house is located and subject to affordability controls.