Weehawken Township City Zoning Code
§ 23-10B.7
Affordability controls.
[Ord. No. 9-1990, § 1; amended 12-23-2020 by Ord. No. 20-2020]
a.
Length of Controls; Developer's Assurances; Certification of Compliance.
1.
The low- and moderate-income units provided under this section shall be subject to affordability controls on rents and resales for a period of 20 years after issuance of the first certificate of occupancy, with the following exceptions:
(a)
Rehabilitated owner-occupied single-family housing units that are improved to code standard shall be subject to affordability controls for at least six years;
(b)
Rehabilitated renter-occupied housing units that are improved to code standard shall be subject to affordability controls for at least 10 years; and
(c)
Housing units created through conversion of a nonresidential structure or through new construction in municipalities receiving state aid pursuant to P.L. 1978, c. 14 (N.J.S.A. 52:27D-178 et seq.) that exhibit one of the characteristics delineated in N.J.S.A. 5:92-5.3(b) at the time of substantive certification shall be subject to affordability controls for at least 10 years.
2.
Each inclusionary development shall include in its development application assurances that purchasers and renters of lower-income housing shall qualify by income for the particular category of low- or moderate-income housing, pursuant to eligibility standards established by the Affordable Housing Agency under Subsection 23-10B.8a, and that on resale or reletting, subsequent purchasers or renters shall also meet the applicable standards. The subdivision and/or site plan for any inclusionary development shall not be approved by the Planning Board unless it complies with the provisions of this section and with the regulations of the Affordable Housing Agency pursuant to this section.
3.
No affordable housing unit shall be occupied unless a certificate of occupancy is issued therefor. No certificate of occupancy for an affordable unit shall be issued unless the Affordable Housing Agency has certified that the unit complies with the provisions of this section and that the purchaser or renter meets the eligibility standards which the Affordable Housing Agency has established pursuant to this section.
b.
Initial Pricing. The following criteria shall be considered in determining rents and sale prices:
1.
Efficiency or studio units shall be affordable to one-person households;
2.
One-bedroom units shall be affordable to two-person households;
3.
Two-bedroom units shall be affordable to three-person households; and
4.
Three-bedroom units shall be affordable to five-person households.
c.
Price Increases. The price of an owner-occupied affordable housing unit and the rents of affordable housing units may increase annually based on the percentage increase in regional median income, or other recognized standard approved by the Affordable Housing Agency that applies to the rental housing unit.
d.
Resale Procedures. Persons wishing to sell affordable units shall notify the Affordable Housing Agency of the intent to sell. If no eligible buyer enters a contract of sale for the unit within 90 days of notification, the Affordable Housing Agency shall have the option to purchase the unit for the maximum price permitted based on the regional increase in median income as defined by HUD or other recognized standard approved by the Affordable Housing Agency. If the Affordable Housing Agency does not purchase the unit, the seller may apply for permission to offer the unit to a non-income-eligible household at the maximum price permitted. The seller shall document efforts to sell the unit to an income-eligible household as part of this application. If the request is granted, the seller may offer low-income units to moderate-income households and moderate-income units to households earning in excess of 80% of median income. In no case shall the seller be permitted to receive more than the maximum price permitted. In no case shall a sale pursuant to this section eliminate the resale controls on the unit or permit any subsequent seller to convey the unit except in full compliance with the terms of this section.
e.
Eligible Capital Improvements. Property owners of single-family, owner-occupied affordable housing may apply to the Affordable Housing Agency for permission to increase the maximum price on account of eligible capital improvements. Eligible capital improvements shall be those that render the unit suitable for a larger household. In no event shall the maximum price of an improved housing unit exceed the limits of affordability for the larger household. Property owners shall apply to the Affordable Housing Agency if an increase in the maximum sales price is sought.
f.
Effect of Foreclosure.
1.
A judgment of foreclosure or a deed in lieu of foreclosure by a financial institution regulated by state and/or federal law shall extinguish controls on affordable housing units provided there is compliance with N.J.A.C. 5:92-12.10. Notice of foreclosure shall allow the Affordable Housing Agency to purchase the affordable housing unit at the maximum permitted sale price.
2.
In the event of a foreclosure sale, the owner of the affordable housing unit shall be personally obligated to the Affordable Housing Agency for any surplus funds, but only to the extent that such surplus funds exceed the difference between the maximum price permitted at the time of foreclosure and the amount due to the institution, including costs of foreclosure.