[Ord. #2678, § 21-20.1]
The following terms, as used in this ordinance, shall have the following meanings:
AFFORDABLE HOUSING and AFFORDABLE UNITShall mean housing properly reserved for occupancy, by deed restriction or other legal mechanism, for COAH income qualified moderate-, low-, and very-low-income families. All units must comply with those standards and guidelines set forth by COAH.
COAH or the COUNCILShall mean the New Jersey Council on Affordable Housing established under the Act which has primary jurisdiction for the administration of housing obligations in accordance with sound regional planning consideration in the state.
DEVELOPERShall mean the legal or beneficial owner or owners of a lot or of any land proposed to be included in a proposed development, including the holder of an option or contract to purchase, or other person having an enforceable proprietary interest in such land.
DEVELOPMENT FEEShall mean money paid by a developer for the improvement of property as permitted in N.J.A.C. 5:97-8.3.
EQUALIZED ASSESSED VALUEShall mean the assessed value of a property divided by the current average ratio of assessed to true value for the municipality in which the property is situated, as determined in accordance with sections 1, 5, and 6 of P.L. 1973, c. 123 (C. 54:1-35a through C. 54:1-35c).
LOW INCOMEShall mean 50% or less of the median gross household income for households of the same size within the housing region in which the household is located, based upon the U.S. Department of Housing and Urban Development's (HUD) Section 8 Income Limits (uncapped) averaged across counties for the housing region.
MODERATE INCOMEShall mean 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 household is located, based upon the U.S. Department of Housing and Urban Development's (HUD's) Section 8 Income Limits (uncapped) averaged across counties for the housing region.
VERY LOW INCOMEShall mean 30% or less of the median gross household income for households of the same size within the housing region in which the household is located, based upon the U.S. Department of Housing and Urban Development's (HUD) Section 8 Income Limits (uncapped) averaged across counties for the housing region.