Scotch Plains City Zoning Code
§ 23-8.7
Affordable Housing Trust Fund.
a.
A development fee ordinance creating a dedicated revenue source for affordable housing was adopted by the Township on December 23, 2008, by way of Ordinance No. 30-2008; and subsequently amended on July 6, 2010, by Ordinance No. 10-2010. Said Development Fee Ordinance established the Township's Affordable Housing Trust Fund. All development fees and interest generated by the fees are deposited in a separate interest-bearing Affordable Housing Trust Fund at Investor's Bank, located at 437 Park Ave, in Scotch Plains Township, for the purposes of affordable housing. These funds shall be spent in accordance with N.J.A.C. 5:93-8.16[1] as described in the sections that follow and is to be maintained by the Chief Financial Officer.
[1]
Editor's Note: The provisions of N.J.A.C. 5:98-8 expired 10-16-2016.
b.
The following additional funds shall be deposited in the Affordable Housing Trust Fund and shall at all times be identifiable by source and amount:
1.
Payments in lieu of on-site construction of affordable units;
2.
Developer contributed funds to make 10% of the adaptable entrances in a townhouse or other multistory attached 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 Township of Scotch Plains's affordable housing program.
c.
The Township of Scotch Plains shall provide the court with written authorization, in the form of a three-party escrow agreement between the municipality, Investor's Bank, and a court-approved entity to permit the court to direct the disbursement of the funds as provided for in N.J.A.C. 5:93-8.19 and 8.20.
d.
All interest accrued in the housing trust fund shall only be used on eligible affordable housing activities approved by the court.