Definitions. As used in this section, the following terms shall have the meanings indicated:
AFFORDABLE HOUSING DEVELOPMENTA development that contains affordable housing units eligible for credit against the Township's affordable housing which shall include, but is not limited to, an inclusionary development, a municipal construction project or a 100-percent affordable development.
COAH or THE COUNCILThe New Jersey Council on Affordable Housing established under the Fair Housing Act, which previously had primary jurisdiction for the administration of housing obligations in accordance with sound regional planning consideration in the state. Pursuant to In the Matter of the Adoption of N.J.A.C. 5:96 and 5:97 by the New Jersey Council on Affordable Housing, 221 N.J. (2015), the New Jersey Supreme Court returned primary jurisdiction over affordable housing matters to the trial courts. As such, until and unless COAH adopts new regulations or a new statute is passed, any and all references to COAH shall mean the trial courts or any agency that supersedes COAH.
DEVELOPERThe 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 FEEA monetary obligation imposed and paid by a developer pursuant to this section or state law, which money is to be used as permitted by the rules of the New Jersey Council on Affordable Housing or other applicable law, in order to address affordable housing needs.
EQUALIZED ASSESSED VALUEThe 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 (N.J.S.A. 54:1-35a through N.J.S.A. 54:1-35c).