N.J. Admin. Code § 5:80-26.25

Current through Register Vol. 56, No. 21, November 4, 2024

Section 5:80-26.25 - Municipal rejection of repayment option on 95/5 units

(a) A municipality shall have the right to determine that the most desirable means of promoting an adequate supply of low-and moderate-income housing is to prohibit the exercise of the repayment option and maintain controls on lower income housing units sold within the municipality beyond the period required by 5:93-9.2. Such determination shall be made by resolution of the municipal governing body and shall be effective upon filing with COAH. The resolution shall specify the time period for which the repayment option shall not be applicable. During such period, no seller in the municipality may utilize the repayment option permitted by 5:93-9.8.

(b) Municipalities that exercise the option outlined in (a) above shall:

1. Provide public notice in a newspaper of general circulation; and

2. Notify the administrative agent and COAH of its governing body's action.

(c) The administrative agent shall ensure that the deed restriction on all affected housing units reflects the extended period of controls.

N.J. Admin. Code § 5:80-26.25

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