West Orange City Zoning Code
§ 25-18.10
Price Restrictions for Restricted Ownership Units, Homeowner Association Fees, and Resale Prices.
[Ord. No. 2357-12 § 25-18.10; amended 10-10-2020 by Ord. No. 2619-20]
Price restrictions for restricted ownership units are pursuant to N.J.A.C. 5:80-26.1, including:
a.
The initial purchase price for a restricted ownership unit shall be approved by the administrative agent.
b.
The administrative agent shall approve all resale prices, in writing and in advance of the resale, to assure compliance with the foregoing standards.
c.
The master deeds of affordable developments shall provide no distinction between the condominium or homeowner association fees and special assessments paid by low- and moderate-income purchasers and those paid by market purchasers.
d.
The owners of restricted ownership units may apply to the administrative agent to increase the maximum sales price for the unit on the basis of capital improvements. Eligible capital improvements shall be those that render the unit suitable for a larger household or that add an additional bathroom.
