Toms River City Zoning Code
§ 348-11.11
Market to affordable program.
A.
Purpose. Market to affordable program (per N.J.A.C. 5:97-6.9). The market to affordable program permits the purchase or subsidization of unrestricted units through a mortgage write-down provided to an income-certified buyer or through a sale or rental as a low- or moderate-income unit to an income-eligible household. The market to affordable program may produce both low- and moderate-income units. At the time they are offered for sale or rental, eligible units may be new, pre-owned or vacant.
B.
The units shall be certified to be in sound condition as a result of an inspection performed by a licensed building inspector.
(1)
A minimum subsidy of $25,000 per moderate-income unit and/or $30,000 per low-income unit shall be provided, with additional subsidy depending on the market prices or rents in a municipality unless agreed upon per court mediation or order. The units shall comply with UHAC with the following exceptions:
(a)
Bedroom distribution (N.J.A.C. 5:80-26.4).
(b)
Low/moderate income split (N.J.A.C. 5:80-26.4).
(2)
Affordability average (N.J.A.C. 5:80-26.4); however:
(a)
The maximum rent for a moderate-income unit shall be affordable to households earning no more than 60% of median income and the maximum rent for a low-income unit shall be affordable to households earning no more than 44% of median income; and
(b)
The maximum sales price for a moderate-income unit shall be affordable to households earning no more than 70% of median income and the maximum sales price for a low-income unit shall be affordable to households earning no more than 40% of median income.
