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Long Hill Township City Zoning Code

§ LU-138.6

Sale of Affordable Housing Unit.

Persons wishing to sell affordable units shall notify the Township Affordable Housing Officer of the intent to sell. If no eligible buyer enters a contract of sale for the unit within 90 days of notification, the Township shall have the option to purchase the unit for the maximum price permitted based on the regional increase in median income as defined by HUD or other recognized standard adopted by COAH. If the Township does not purchase the unit, the seller may apply to the Township for permission to offer the unit to a non-income eligible household, at the maximum price permitted. The seller shall document efforts to sell the unit to an income eligible household as part of this application. If the request is granted, the seller may offer low income housing units to moderate income households and moderate income housing units to households earning in an excess of 80% of median. In no case shall the seller be permitted to receive more than the maximum price permitted. At expiration of affordability controls, any excess profit shall be paid into an affordable housing trust fund to be established by the Township.