The requirements of this article apply to all developments that
contain affordable housing units, including any currently unanticipated
future developments that will provide low- and moderate-income housing
units.
Price restrictions for restricted ownership units shall be in
accordance with N.J.A.C. 5:80-26.1, as may be amended and supplemented,
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 method used to determine the condominium association fee amounts
and special assessments shall be indistinguishable between the low-
and moderate-income unit owners and the market unit owners.
D. The master deeds of inclusionary developments shall provide no distinction
between condominium or homeowner association fees and special assessments
paid by low- and moderate-income purchasers and those paid by market
purchasers.
E. 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 anticipated capital improvements. Eligible capital improvements
shall be those that render the unit suitable for a larger household
or the addition of a bathroom.
For any affordable housing unit that is part of a condominium
association and/or homeowners' association, the master deed shall
reflect that the association fee assessed for each affordable housing
unit shall be established at 100% of the market rate fee.
Each housing unit created through the conversion of a nonresidential
structure shall be considered a new housing unit and shall be subject
to the affordability controls for a new housing unit.