Zoneomics Logo
search icon

Point Pleasant Beach
City Zoning Code

§ 19-25.10

Price Restrictions for Restricted Ownership Units, Homeowner Association Fees and Resale Prices.

[Added 12-21-2021 by Ord. No. 2021-34]
Price restrictions for restricted ownership units shall be in accordance with N.J.A.C. 5:80-26.1, as may be amended and supplemented, including:
a. 
The initial purchase price for a restricted ownership unit shall be approved by the Borough's administrative agent, or an administrative agent appointed by a particular developer.
b. 
The Borough's administrative agent, or an administrative agent appointed by a particular developer, shall approve all resale prices, in writing and in advance of the resale, to assure compliance with the foregoing standards.
c. 
The master deeds of inclusionary developments shall provide no distinction between the condominium or homeowner association fees and special assessments paid by low- and moderate-income purchasers and those paid by market purchasers, unless the master deed for the inclusionary project was executed prior to the enactment of UHAC.
d. 
The owners of restricted ownership units may apply to the Borough's administrative agent, or an administrative agent appointed by a particular developer, to increase the maximum sales price for the unit on the basis of anticipated capital improvements. Eligible capital improvements shall be those that render the unit suitable for a larger household or the addition of a bathroom.