N.J. Admin. Code § 5:80-26.21

Current through Register Vol. 56, No. 11, June 3, 2024

Section 5:80-26.21 - Municipal option on 95/5 units

(a) Any municipality that elects to purchase a 95/5 unit pursuant to 5:93-9.4 may:

1. Convey or rent the unit to a low-or moderate-income purchaser or tenant at a price or rent not to exceed the maximum allowable restricted sales price or rent provided the unit is controlled by a deed restriction in accordance with Appendix A or an alternative form approved by COAH; or

2. Convey the unit at fair market value subject to the provisions of (b) and (c) below.

(b) Municipalities that purchase low-income 95/5 units shall maintain them as low-income housing units.

(c) Municipalities that elect to purchase 95/5 units and convey them at a fair market value shall:

1. Notify COAH of any proposed sale and sales price 90 days before closing;

2. Notify COAH of the price differential as defined in 5:93-1.3; and

3. Deposit the price differential in an interest-bearing housing trust fund devoted solely to the creation, rehabilitation or maintenance of low-and moderate-income housing.

(d) Money deposited in housing trust funds may not be expended until the municipality submits and COAH approves a spending plan in accordance with the applicable COAH rules at that time. Money deposited in housing trust funds shall be subject to the applicable COAH rules at that time.

N.J. Admin. Code § 5:80-26.21

New Rule, R.2004 d.475, effective 12/20/2004.
See: 36 New Jersey Register 3655(a), 36 New Jersey Register 5713(a).