Long Hill Township City Zoning Code
§ LU-138.4
"For Sale" Unit Requirements.
Lower income housing units offered on a "for sale" basis shall meet the following requirements:
a.
The average price of a lower income housing unit shall be, as best as practicable, affordable to households at 57.5% of the median income as contained in this subsection.
b.
In devising a range of affordability for purchased housing, as required in Subsection a, the development shall provide, as best as practicable, for the following distribution of prices for every 20 lower income housing units:
Pricing Stratification | |
|---|---|
Low Income Units | 1 at 40.0% through 42.5% |
3 at 42.6% through 47.5% | |
6 at 47.6% through 50.0% | |
Moderate Income Units | 1 at 50.1% through 57.5% |
1 at 57.6% through 64.5% | |
1 at 64.6% through 68.5% | |
1 at 68.6% through 72.5% | |
2 at 72.6% through 77.5% | |
4 at 77.6% through 80.0% | |
Developments of fewer than 20 lower income units shall be priced in a manner so as to provide for a representative range or prices consistent with the above stratification schedule. |
c.
For initial occupancy, priority shall be given to households within a particular income category with flexibility based on New Jersey Housing and Mortgage Finance Agency affordability control criteria.