Weehawken Township City Zoning Code
§ 23-10B.9
Housing Trust Funds. 1
[Ord. No. 9-1990, § 1; Ord. No. 9-1997, §§ 3 — 5; Ord. No. 15-2005, § 1; Ord. No. 21-2015 § 2; amended 9-28-2016 by Ord. No. 14-2016; 11-13-2019 by Ord. No. 31-2019; 12-23-2020 by Ord. No. 20-2020]
a.
Formation. The Township Council shall establish and maintain an Affordable Housing Trust Fund, to be funded by contributions from residential and nonresidential developers in lieu of set-aside units. The members of the Township Council, from time to time, shall serve as the trustees of the Affordable Housing Trust Fund and shall have such powers as are necessary and convenient to utilize the trust funds for the purposes of implementing the provisions of the Township's Affordable Housing Program, as contained in this section.
b.
Developers Contributions. Whenever, under Subsection 23-10B.4, a developer is required or permitted to contribute to the Affordable Housing Trust Fund, the amount of the contribution is to be determined as follows:
1.
A nonresidential developer required to contribute to the Housing Trust Fund shall make a contribution to such fund in the amount of 1% of the equalized assessed value of the nonresidential development.
2.
A residential developer electing to contribute to the Affordable Housing Trust Fund, in lieu of building low- or moderate-income housing, shall make a contribution of $120,000 in lieu of constructing each required low-income unit and $80,000 in lieu of constructing each required moderate-income unit, except that, with respect to units that have obtained building permits at any time from January 1, 2017, through December 31, 2020, the contribution shall be $100,000 in lieu of constructing each required low-income unit and $60,000 in lieu of constructing each required moderate-income unit and; provided, further, that any development which is not granted any exemption or abatement of real estate taxes shall be responsible to make discounted contributions of 80% of the amounts set forth hereinabove in lieu of construction for the units attributable to the development so abated or exempted.
c.
Timing of Contribution. A developer making a contribution to the Housing Trust Fund shall make such contribution as follows:
1.
For nonresidential developments, 50% of the estimated contribution to the Housing Trust Fund, based upon the then-estimate by the Tax Assessor of the equalized assessed value of the development, shall be paid at or before the issuance of the first building permit for the development; and the balance of the contribution to the Housing Trust Fund, based upon the final equalized assessed value of the development as determined by the Tax Assessor, shall be paid at or before the issuance of the first certificate of occupancy for the development.
2.
For residential developments, 50% of the total contribution shall be prorated among the total number of housing units in the proposed residential development and such prorated amount shall be paid at or before the issuance of a building permit for each unit. The balance of the required contribution shall be prorated among the number of housing units in the proposed residential development and such prorated amount shall be paid at or before the issuance of a certificate of occupancy for each unit.
d.
Deposit of Funds. The Township shall establish and maintain an account for the Housing Trust Fund in such bank licensed to hold trust funds in New Jersey as designated, in writing, by the Township Council for the purpose of receiving contributions from developers. All contributions paid by developers pursuant to this subsection shall be deposited into this fund.
e.
Use of Funds. Money deposited into the Housing Trust Fund may be used for any activity, project or purpose determined by the Township Council, including any community benefit to address the low- and moderate income housing and related needs of the Township of Weehawken. Such activities may include, but are not necessarily limited to: housing rehabilitation, new construction, regional contribution agreements, the roads and infrastructure for low- and moderate-income housing sites, assistance designed to render units more affordable to low- and moderate-income households, any public facility or any improvement thereto, such as, but not limited to, schools, recreational facilities, government offices, police stations, parking garages, transportation systems or facilities, roads, utility infrastructure and systems and the like, and administrative costs necessary to implement the Township's Housing Element and its affordable housing and related projects.
f.
Miscellaneous Provisions.
1.
Developers of at least 20% low- and moderate-income units in a residential development shall be exempt from paying Housing Trust Fund contributions.
2.
Developers that expand an existing structure by adding more than 5,000 square feet to a building in a previously approved development shall contribute to the Housing Trust Fund. The contribution shall be calculated based on the increase in the equalized assessed value of the improved structure.
[1]
Editor's Note: Any fees collected from developers prior to December 13, 1990, shall be retained by the Township pursuant to the rules and regulations of COAH regarding the retention of development fees.