[HISTORY: Adopted by the Mayor and Council of the City of Hoboken 8-19-1987 by Ord. No. V-111. Amendments noted where applicable.]
A Council on Affordable Apartments, Condominiums and Housing (CAACH) shall be established.
The Council (CAACH) shall consist of seven members:
The Comptroller of the City of Hoboken, who is appointed custodian of all funds.
The Director of the Community Development Agency, whose consultants will be the consultants for the CAACH and who will also provide secretarial staff.
The Director of Law or his designee from the Department of Law to advise on all legal aspects from the municipal viewpoint.
One Councilman-at-Large to be appointed by the City Council President.
Two other Councilmen to be appointed by the City Council President.
A local real estate developer.
The CAACH shall be the official agency for the development of all affordable housing units.
The CAACH shall make all applications for federal and state funding which may be available. All funds received whether from developers or governmental funding shall be kept in a separate account segregated from all other municipal moneys.
All plans for implementing the creation of affordable housing units shall be promulgated by the CAACH. The CAACH will establish a formula for fees to be paid by developers and also establish regulations governing the affordable housing program.
The minutes of all meetings held by the CAACH shall be approved by the City Council.