Manasquan City Zoning Code
§ 35-35.8
Affordable Housing Trust Fund.
[Amended 3-16-2026 by Ord. No. 2587-26]
a.
A separate, interest-bearing Municipal Affordable Housing Trust Fund shall be maintained by the chief financial officer of the municipality for the purpose of depositing development fees collected from residential and non-residential developers and proceeds from the sale of units with extinguished controls.
b.
The following additional funds shall be deposited in the Municipal Affordable Housing Trust Fund and shall at all times be identifiable by source and amount:
1.
Payments in lieu of on-site construction of an affordable unit, where previously permitted by ordinance or by agreement with the municipality and if approved by a municipality prior to the statutory elimination of payments in-lieu on March 20, 2024 per P.L.2024, c.2;
2.
Funds contributed by developers to make 10% of the adaptable entrances in a townhouse or other multistory attached dwelling unit development accessible;
3.
Rental income from municipally operated units;
4.
Repayments from affordable housing program loans;
5.
Recapture funds;
6.
Proceeds from the sale of affordable units; and
7.
Any other funds collected in connection with the municipal affordable housing program including but not limited to interest earned on fund deposits.
c.
The municipality shall provide the Division with written authorization, in the form of a tri-party escrow agreement(s) between the municipality, the Division and the financial institution in which the municipal affordable housing trust fund has been established to permit the Division to direct the disbursement of the funds as provided for in N.J.A.C. 5:99-2.1 et seq.
d.
Occurrence of any of the following deficiencies may result in the Division requiring the forfeiture of all or a portion of the funds in the municipal Affordable Housing Trust Fund:
1.
Failure to meet deadlines for information required by the Division in its review of a development fee ordinance;
2.
Failure to commit or expend development fees within four years of the date of collection in accordance with N.J.A.C. 5:99-5.5;
3.
Failure to comply with the requirements of the Non-Residential Development Fee Act and N.J.A.C. 5:99-3;
4.
Failure to submit accurate monitoring reports pursuant to this subchapter within the time limits imposed by the Act, this chapter, and/or the Division;
5.
Expenditure of funds on activities not approved by the Superior Court or otherwise permitted by law;
6.
Revocation of compliance certification or a judgment of compliance and repose;
7.
Failure of a municipal housing liaison or administrative agent to comply with the requirements set forth at N.J.A.C. 5:99-6, 7, and 8;
8.
Other good cause demonstrating that municipal affordable housing funds are not being used for an approved purpose.
e.
All interest accrued in the housing trust fund shall only be used on eligible affordable housing purposes approved by the Court.
