Any open space where ownership is retained privately, as in a rental project, or semipublicly, as in a nonprofit homeowners' association, shall be exclusive of the requirements for open space, as provided for in this article. Such private and semipublic areas shall not be used to meet the required 10% of area to be set aside, as specified in § 285-177. In the case of private or semipublic areas, the developer shall either:
(1)
Retain ownership of the open space, but only in rental, commercial or industrial projects; or
(2)
Provide for and establish one or more organizations for the ownership and maintenance of all open space. Each organization shall be a nonprofit homeowners' corporation, unless the developer demonstrates that a community open space trust is a more appropriate form of organization. The procedures for establishing such an organization and for maintaining the open space shall be in accordance with N.J.S.A. 40:55D-43 of the Municipal Land Use Law.