A mandatory affordable housing set-aside requirement shall apply beginning with the effective date of this section to any multifamily or attached dwelling residential development, including the residential portion of a mixed-use project, which consists of five or more new residential units that exceed the otherwise permitted density, which are created as a result of a zoning amendment, or by a variance granted by the Zoning Board of Adjustment, or by the adoption of a redevelopment plan or amended redevelopment plan in areas in need of redevelopment or rehabilitation as set forth below:
(1) For inclusionary projects in which the low- and moderate-income units are to be offered for sale, the set-aside percentage shall be 20%; for projects in which the low- and moderate-income units are to be offered for rent, the set-aside percentage shall be 15%. Fractional affordable housing units shall be rounded down where the fraction is 0.49 units or less and rounded up where the fraction is 0.50 units or greater.
(2) This requirement does not apply to any sites or specific zones otherwise identified in the Fair Share Plan, for which density and set-aside standards shall be governed by the specific standards set forth therein.
(3) For any such development for which the Village's land use ordinances (e.g., Zoning or an adopted redevelopment plan) already permit residential development as of the effective date of this section, adopted November 9, 2020, this requirement shall only apply if the Village permits an increase of five or more residential units beyond that which is currently permitted (e.g. Zoning or an adopted redevelopment plan).
(4) The affordable units shall comply with the Village's affordable housing regulations in §
190-137. This includes, but is not limited to, affordability controls of not less than 30 years, proper distribution of one-, two-, and three-bedroom affordable units, proper distribution of very-low-, low- and moderate-income units, and affirmative marketing.
(5) A property shall not be permitted to be subdivided so as to avoid meeting this requirement. The Board may impose any reasonable conditions to ensure such compliance.
(6) Nothing in this subsection precludes the Village from imposing an affordable housing set-aside in a development not required to have a set-aside pursuant to this subsection consistent with N.J.S.A. 52:27D-311(h) and other applicable law.
(7) This requirement does not create any entitlement for a property owner or applicant for a zoning amendment, variance, or adoption of a redevelopment plan or amended redevelopment plan in areas in need of redevelopment or rehabilitation, or for approval of any particular proposed project.