Residential Developments. The developer of any project creating new residential units, including previously constructed or partially constructed projects for which the affordable housing obligation related thereto, either in whole or in part, and to such extent thereof, has not been satisfied, shall be required to create as set-aside units, or to contribute in lieu, or by any combination thereof, pursuant to the following options, 20% of the number of such new residential units:
1.
To build up to 20% of the units as part of the development; or
2.
To rehabilitate an equal number of existing substandard units in the Township, on the certified list described in Subsection 23-10B.5 or, if no such units exist, to create set-aside units elsewhere in the Township, subject to the approval of the Affordable Housing Agency; or
3.
With the approval of the Affordable Housing Agency, to create an equal number of senior citizen housing units outside the development but elsewhere in the Township; or
4.
To contribute to the Housing Trust Fund, as set forth in Subsection 23-10B.9.