Upper Township City Zoning Code
§ 20-15.7
Affordable Housing Trust Fund.
[Ord. #013-2009]
a.
There is hereby created a separate, interest-bearing housing trust fund to be maintained by the Chief Financial Officer for the purpose of depositing development fees collected from residential and non-residential developers and proceeds from the sale of units with extinguished controls.
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 Township of Upper's affordable housing program.
c.
Within seven days from the opening of the trust fund account, the Township of Upper shall provide COAH with written authorization, in the form of a three-party escrow agreement between the municipality, the approved municipal banking institution and COAH to permit COAH to direct the disbursement of the funds as provided for in N.J.A.C. 5:97-8.13(b).
d.
All interest accrued in the housing trust fund shall only be used on eligible affordable housing activities approved by COAH.