Definitions. For purposes of this Article XI, the following terms are defined as follows:
AFFORDABLE UNIT
A housing unit, the sale or rental price of which is established in accordance with this section and which will be sold or rented to a low- or moderate-income family. "Affordable unit" shall be synonymous with the term "lower-income housing unit."
FAMILY
One or more persons living as a single nonprofit housekeeping unit whether or not related by blood, marriage or otherwise. "Family" shall also be synonymous with "household."
FIRST MORTGAGE
The most senior mortgage securing a loan on a unit.
FORECLOSURE
A termination through legal process of all rights of a mortgagor or a mortgagor's assigns or grantees in a unit covered by a recorded mortgage or through a deed in lieu of foreclosure which has been executed prior to a judicially regulated sale.
HOUSING ADVISORY COUNCIL
The Housing Advisory Council (HAC) created pursuant to this section.
IMPROVEMENTS
Additions within a unit, including materials, supplies, appliances or fixtures which become a permanent part of, or affixed to, a unit.
INCLUSIONARY DEVELOPMENT
A residential housing development in which a specific percentage of the housing units is provided for a reasonable income range of low- and moderate-income households as defined and regulated herein.
INCOME
All income, from all sources, for all members of a household occupying a low- or moderate-income unit. "Income" shall include compensation for employment services, interest, rents, dividends, pension benefits and government benefits.
LOWER-INCOME HOUSEHOLD
Low-income and moderate-income households.
LOWER-INCOME HOUSING
Any housing affordable to low- and moderate-income families.
LOW-INCOME FAMILY
A family whose income is no greater than 50% of the median family income of Newark PMSA, with adjustments for family size. The Township shall qualify prospective purchasers of affordable units as low-income families prior to the developer's selling an affordable unit to a prospective purchaser.
MARKET UNIT
Any unit in an inclusionary development which is not designated an affordable unit.
MEDIAN FAMILY INCOME
The annual median family income figure for Newark PMSA as computed, published and adjusted for household size by the Council on Affordable Housing (COAH).
MODERATE-INCOME FAMILY
A family whose income is no greater than 80% and no less than 50% of the median family income of Newark PMSA, with adjustments for family size. The Township shall qualify prospective purchasers of an affordable unit as moderate-income families prior to the developer selling an affordable unit to a prospective purchaser.
MUNICIPAL HOUSING LIAISON
The Municipal Housing Liaison appointed by the Morris Township governing body pursuant to this section.[1]
QUALIFIED PURCHASER
A person, pursuant to this section:
(1)
Who submits an application for certification as a qualified purchaser to the Municipal Housing Liaison;[2]
(2)
Whose family income at the time of the proposed purchase is within low- or moderate-income levels, as these income levels are defined herein; and
(3)
Who obtains certification as a qualified purchaser from the Municipal Housing Liaison pursuant to this section and the rules and regulations of the Township. Once a qualified purchaser becomes an owner in accordance with the provisions of this section, any increase or decrease in the family income of such owner shall not affect the owner's rights, privileges or obligations.[3]
STATEMENT OF EXEMPTION
A statement issued by the Housing Advisory Council confirming that the occupant or intended occupant need not meet the income qualifications for low- and moderate-income housing. The housing unit, however, regardless of its occupant, shall remain affordable for at least 30 years from the date of the initial sale or initial lease.