[HISTORY: Adopted by the Board of Commissioners of the Town of West
New York as indicated in article histories. Subsequent amendments noted where
applicable.]
[Adopted 12-17-1986 by Ord. No. 1747]
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WHEREAS, a housing study has demonstrated that a significant portion
of existing multifamily housing in the Town of West New York is substandard
and in need of improvement;
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WHEREAS, it is beneficial for the Town of West New York to encourage
and promote improvement of existing substandard multifamily housing so that
the same will result in affordable housing for low- and moderate-income residents;
and
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WHEREAS, it is in the best interest of the public health and welfare
of the citizens of the Town of West New York that any improvement on or replacement
of any existing multifamily housing in the Town of West New York be subject
to a mandatory set aside of 20% of the total dwelling units in the building,
10% for low-income and 10% for moderate-income dwelling units, pursuant to
the procedures hereinafter set forth;
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Now therefore, be it ordained by the Mayor and Board of Commissioners
of the Town of West New York, County of Hudson, State of New Jersey, as follows:
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As used in this article, the following terms shall have the meanings
indicated:
Any capital improvements to a multifamily dwelling having a cost
for materials and labor in excess of $10,000 for the entire building.
Any allocated space in a multifamily structure which is to be sold
as a self-contained residential unit containing a separate bathroom, kitchen
and sleeping quarters for the housing of a family earning the income levels
as defined in the definition of low-income, moderate-income and affordable
housing.
As set forth by the Fair Housing Council of the State of New Jersey.
Any existing multifamily structure containing more than four existing
residential dwelling units on the total tax lot and block as currently registered
in the tax office.
On or after the date of this article, any application for development
or improvement of any existing multifamily dwelling, as hereinafter defined,
within the Town of West New York shall be rejected by the Construction Code
Official and any other municipal approval authority unless said application
shall allocate 10% of the total dwelling units for low-income and 10% of the
total dwelling units applied for as moderate-income dwelling units.
A.
Any applicant or developer shall include as part of his
application a dedication in recordable form of specific dwelling units within
the proposed project that are allocated for low- and moderate-income dwellings.
Each of said units shall be specifically identified by the prefix "LI" for
low income and "MI" for moderate income. No more than 20% of any floor or
group of horizontal allocated units on a single level shall be LI or MI. The
intent of this provision is that the LI and MI units shall be disbursed throughout
the project and not concentrated in a single location.
B.
Any applicant or developer shall include as part of his
application a binding consent in recordable form submitting each identified
LI and MI unit to perpetual administration by the Housing Trust Council of
the Town of West New York to assure that each such unit remain dedicated and
used for the LI and MI purposes.
C.
Any applicant or developer shall include as part of his
application a binding statement in recordable form that in the event that
any LI or MI unit is sold in fee, co-op or condominium or in any other form,
the deed or other title or conveyance document for that specific unit will
contain a restrictive convenant prohibiting the sale of the unit for a price
in excess of the initial purchase price for the unit on first sale, plus consumer
price index adjustment thereof.
A.
Within 60 days from the passage of this article, the
Mayor and Commissioners of the Town of West New York shall appoint a Housing
Trust Council to administer this article. Such Council shall consist of five
citizens to serve for five-year terms, and each shall have the following qualifications:
B.
In addition, each of the members of the Housing Trust
Council shall have been legal domiciliary of the Town of West New York for
a minimum of five years prior to appointment.
The Housing Trust Council shall be allocated to the Department of Public
Affairs. Each member shall serve without compensation. Its expenses shall
be budgeted and paid for by the Town of West New York. The Housing Trust Council
shall review all applications for development or improvement of existing multifamily
housing to assure completeness and compliance with this article and make recommendation
to the approving agency. In addition, the Housing Trust Council shall review
all applications for transfer or sale of any LI or MI dwelling unit, and it
shall also review and approve the continued qualification of that unit for
LI or MI designation. The Housing Trust Council shall also have the right
to review financial statements of applicants for initial occupancy of any
LI or MI unit and for continued occupancy by any resident based on submission
of supportive financial data by said resident as required by the Council.
Any applicant for occupancy of an LI or MI unit who has been a resident
of the Town of West New York for a minimum of three years prior to his or
her application shall be given a preference by the developer and the Housing
Trust Council for preemptive occupancy preference for the indigenous poor
of the Town of West New York so that they may continue to reside in the town.
This article shall not apply to the Housing Authority of the Town of
West New York. This article shall also not apply to any housing development
which is preempted by federal or state law, but this article shall apply to
any such housing development which at a future time ceases to be preempted
by federal or state law.
[Adopted 4-15-1987 by Ord. No. 1772;
amended in its entirety 5-1-1987 by Ord. No. 1777]
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WHEREAS, the Board of Commissioners has previously taken notice of and
documented the emergency in the availability of decent, safe and sanitary
low- and moderate-income housing within the Town of West New York; and
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WHEREAS, the Board of Commissioners has previously determined that the
emergency exists and continues to grow more severe in the Town of West New
York as a result of the elimination of a substantial portion of the existing
rental housing stock and the insufficient new construction of affordable rental
housing, which have caused a substantial and increasing shortage of rental
housing affordable by families of low and moderate income, and
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WHEREAS, the conversion of rental units to condominium ownership has
seriously exacerbated the crisis and heightened the emergency by further reducing
the supply of rental housing affordable to individuals and families of low
and moderate income; and
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WHEREAS, the Town of West New York has determined that condominium units
are not affordable to individuals and families of low and moderate income;
and
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WHEREAS, the Town of West New York has an affirmative responsibility
imposed by the Constitution and laws of the State of New Jersey to provide
for the health, safety and welfare of its citizens, especially with regard
to assuring that all citizens, including those with low and moderate incomes,
can find safe, sanitary and decent shelter and to prevent the displacement
and subsequent homelessness of its citizens; and
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WHEREAS, the Supreme Court of the State of New Jersey has held that
every municipality has a constitutional obligation to provide a realistic
opportunity for a fair share of its region's present and prospective
needs for low- and moderate-income families, pursuant to the doctrine of South
Burlington N.A.A.C.P. v. Mt. Laurel Tp., 67 N.J. 151 (1975) and South Burlington
N.A.A.C.P. v. Mt. Laurel Tp., 92 N.J. 158 (1983), and the Fair Housing Act
N.J.S.A. 52:27D-311 et seq.; and
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WHEREAS, many of the communities surrounding the Town of West New York
have declared housing emergencies and are undergoing a severe shortage of
rental housing affordable to individuals and families of low and moderate
income; and
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WHEREAS, the Town of West New York has a substantial number of dwelling
units occupied by families and individuals with low and moderate incomes;
and
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WHEREAS, the courts of the State of New Jersey have acknowledged that,
despite the constitutional and statutory obligations imposed upon them, many
communities in the state have failed to accept their fair share of affordable
housing, which severely worsens the plight of low- and moderate-income individuals
and families in the Town of New York in search of affordable housing or in
fear of displacement; and
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WHEREAS, the Board of Commissioners of the Town of West New York has
determined that the preservation of existing housing units subject to rent
controls as rental units is the most effective and only practical means of
preserving existing affordable rental housing units, and
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WHEREAS, the Town of West New York has determined that restrictions
on the conversion of rental housing units to condominium or cooperative ownership
are necessary to effectuate the obligations, duties and responsibilities set
forth above; and
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WHEREAS, the Town of New York has determined that no other means are
feasible at the present time to discharge and obey the constitutional and
statutory obligations, duties and responsibilities imposed upon it; and
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WHEREAS, the Board of Commissioners finds that the town has a paramount
obligation to ameliorate the plight of individuals and families of low and
moderate income in danger of displacement and homelessness or desperately
in need of safe, decent, sanitary and affordable housing and further finds
that pronouncements of the State Legislature and of the New Jersey Supreme
Court and of other New Jersey courts all support the governing body's
determination; and
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WHEREAS, the Board of Commissioners finds that an alternative affordable
dwelling unit purchase program, which gives the converter a fair return on
its property, while giving the maximum number of persons of low and moderate
income a reasonable possibility of purchase, is necessary to effectuate the
purposes of this article; and
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WHEREAS, the Board of Commissioners finds that the restrictions enacted
in this article must remain in effect as long as an emergency continues to
exist in the availability of low- and moderate-income housing and as long
as our less affluent citizens are threatened with the loss of their homes
and cannot find decent, safe and sanitary housing which they can afford to
occupy;
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Now therefore, be it ordained by the Board of Commissioners of the Town
of West New York, County of Hudson, State of New Jersey, as follows:
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The short name of this article shall be the "Affordable Housing Preservation
Ordinance."
A.
Commencing with the effective date of this article, every
conversion of one or more units of rental housing in the Town of West New
York to condominium or cooperative ownership shall comply with the provisions
of this article.
B.
Every building in which a dwelling unit being converted
to condominium or cooperative ownership is located shall be in compliance
with all state and municipal laws, codes and regulations. Compliance shall
be determined by inspection by the appropriate required officials no more
than 90 days prior to the date of issuance of any letter, affidavit or other
statement of compliance or the status of compliance required by law.
Units in the following structures are not subject to any provisions
of this article:
A.
Dwelling units not subject to Chapter 312, Rent Control, as amended and as may be amended in the future.
B.
Newly constructed buildings, built from the ground up,
whether dwelling units are to be initially rented or sold, in which no dwelling
units have been rented and occupied prior to the effective date of this article.
C.
Uninhabitable buildings which are completely vacant prior
to July 1, 1985, provided that no form of coercion or harassment was used
in rendering such building uninhabitable.
E.
Buildings with one or more dwelling units occupied by
tenants, being converted to condominium ownership, in which the 90 days'
notice to tenants in occupancy required by N.J.S.A. 2A:18-61.8 has expired
as of the effective date of this article; or in the case where a building
being converted to condominium ownership is completely vacant, when a master
deed has been recorded pursuant to the Condominium Act, N.J.S.A. 46:8B-1 et
seq. prior to the effective date of this article; or in the case where a building
being converted to cooperative ownership is completely vacant when the ownership
of the building has been transferred to a cooperative corporation prior to
the effective date of this article.
A.
This article shall remain in effect until the Board of
Commissioners determines, by ordinance, that the housing emergency which necessitated
it no longer exists, provided that the Board of Commissioners certifies to
the Clerk, within 30 days following each anniversary of the effective date
of this article, that an affordable housing emergency continues to exist.
In determining the existence of an affordable housing emergency, the Board
of Commissioners shall consider and report on the following factors, all with
reference to the Town of West New York:
(1)
The vacancy rate for rental units affordable to individuals
and families of low and moderate income.
(2)
The average household income of rental households compared
to the average household income of owner-occupied households.
(3)
The average annual and monthly carrying costs of condominium
or cooperative units of various dimensions, including amortization of purchase
price (including closing costs), interest payments, taxes, insurance and association
fee.
(4)
The availability of federal and state affordable housing
subsidies.
(5)
Current remaining fair share need pursuant to the Fair
Housing Act, N.J.S.A. 52:27D-301 et seq.
B.
In the event that no certification is received by the
Board within the time stipulated, this article shall expire at the end of
the stipulated time period.
Commencing with the effective date of this article:
A.
No notice of intent to convert and no full plan of conversion,
as provided in N.J.S.A. 2A:18-61.8, shall be served on any tenant of a dwelling
unit subject to this article, and the Clerk of the Town of West New York shall
not accept for filing any notice of intent to convert and full plan of conversion,
as provided in N.J.S.A. 2A:18-61.8.
B.
No original sale of or contract of original sale for
a condominium unit or shares in a cooperative corporation shall be concluded
or entered into in the Town of West New York.
C.
No notice of eviction pursuant to N.J.S.A. 2A:18-61.2,
Subdivision g, shall be served on any tenant of any dwelling unit subject
to this article.
A.
An affordable home ownership program is a voluntary program
approved by the Board of Commissioners, designed to prevent homelessness and
displacement, which shall contain the following elements:
(1)
The building and owner must be in substantial compliance
with state and municipal laws and regulations which substantially protect
the health and safety of the residents.
(2)
Every tenant must either purchase his or her unit or
be able to remain in the unit at an affordable rent; except that, in the event
that a tenant chooses not to participate in the program, the owner shall present
an affidavit that withdrawal from the program was voluntary and that no harassment
or other form of coercion was employed by the owner. In the event that the
tenant does not furnish said affidavit, the owner shall have the burden of
proving that no harassment or other form of coercion was employed against
said tenant.
(3)
Restrictions on the resale price of units, where appropriate,
to maintain affordable home ownership.
(4)
Subsidies, if available, to enable tenants desiring to
purchase their dwelling units who are unable to afford the converter's
fair offering price without assistance.
B.
The Board of Commissioners is hereby empowered to promulgate regulations incorporating the preceding elements in Subsection A and as otherwise necessary and proper to implement an affordable home ownership program.
C.
An affordable home ownership program pursuant to this
section is a program intended to permit conversions of ownership in circumstances
where no tenant is displaced and where guaranties of affordability are maintained
on the dwelling units in the program which are subsidized. The Board of Commissioners
shall have the sole discretion, guided by the principles set forth in this
section and the preamble of this article, to certify or not to certify an
affordable home ownership program for a particular property.
B.
Commencing with the effective date of this article, no
converter shall charge or receive, or contract to charge or to receive, for
the sale, transfer or conveyance of any converted dwelling unit, a price,
including the proportionate share of any blanket encumbrance, in excess of
the maximum permissible price therefor, as provided below.
C.
The maximum permissible price referred to in Subsection B above shall be determined as follows:
(1)
The base price for such unit shall be an amount equal to 72 times the monthly rent for such unit, as such monthly rent exists immediately prior to conversion. In the event that the dwelling unit is vacant at the time of conversion, the monthly rent for calculating the base price shall be the legal rent which could be charged to a new tenant under Chapter 312, Rent Control, or, if said legal rent cannot be ascertained, then the average of the rents for comparable apartments in the same building or building complex. If such base price equals or exceeds the amount computed under Subsection C(2) below and is not greater than that computed under Subsection C(3) below, then said base price shall be the maximum permissible price for the unit.
(2)
Subject to the limitation set out in Subsection C(3) below, the maximum permissible price may be increased beyond the base price defined in Subsection C(1) above as follows: If the total of the base prices of all the dwelling units in the property to be converted [as calculated under Subsection C(1) above] is less than the equalized assessed valuation of the property, then the base price of each dwelling unit may be increased by a percentage equal to the percentage by which the total of the base prices of all such units must be increased in order to equal the equalized assessed valuation of the property; provided, however, that in no event shall the maximum permissible price for any dwelling unit exceed that described in Subsection C(3) below.
(3)
In no event shall the maximum permissible price for a
dwelling unit exceed an amount which, when divided into monthly payments as
described below, will produce a monthly payment which is more than 20% greater
than the monthly rent for such dwelling unit, as such monthly rent exists
immediately prior to the conversion. The monthly payments referred to shall
be determined by adding together the following items:
(a)
The monthly maintenance charge for the dwelling unit.
(b)
Any monthly amount required to be paid pursuant to a
schedule of equal monthly payments respecting a blanket encumbrance, in which
a portion of such payment is applied to the unpaid balance of such blanket
encumbrance and the remainder thereof is applied to the reduction of the principal
thereof.
(c)
An amount sufficient to amortize the entire price paid
for the dwelling unit (above the amount of any blanket encumbrance) over a
thirty-year period, by equal monthly amounts covering principal and interest,
at an interest rate equal to the prevailing mortgage interest rate for fixed-rate
mortgages at the time of conversion.
(d)
An amount sufficient to amortize the entire proportionate
share of any balloon balance of a blanket encumbrance over a thirty-year period,
at an interest rate equal to the prevailing mortgage interest rate for fixed-rate
mortgages at the time of conversion.
D.
In any conversion in which the converter maintains that the provisions of Subsection C(2) apply and permit a price greater than the "base price" for any unit, the burden of proof shall be on the converter to demonstrate such fact.
E.
If the maximum permissible price for conversion of a dwelling unit is increased to reflect equalized assessed value, as provided in Subsection C(2) above, and if, by virtue of tax appeal respecting such property, the equalized assessed value of such property for the year in question is reduced, then the converter shall refund to the purchaser of such unit an amount sufficient to reflect such unit's proportionate reduction in equalized assessed value. In the event that a refund is required by this subsection, the obligation to pay such refund shall create a debtor-creditor relationship between the converter and purchaser only and shall not run with the property or appear as an exception to title to an affected dwelling unit.
F.
In any conversion in which a tenant contends that the provisions of Subsection C(3) apply and thus limit the maximum permissible price of a unit below that which could otherwise be charged therefor, the burden of establishing such fact shall be on the tenant, who shall be required to submit to the Rent Control Board such information as the Rent Control Board determines is necessary to make a decision thereon.
G.
In the event that an efficient converter cannot make
a just and reasonable return on his investment, the converter may apply to
the Rent Control Board for an increase in the maximum permissible price of
dwelling units subject to this article, provided that the converter is the
owner of the property in question as at the date the application is filed.
(1)
The converter shall serve upon each tenant of a dwelling
unit subject to this article, by registered or certified mail or personal
service, a notice of said application setting forth the basis for said application,
the amount of the price increase requested for the dwelling unit occupied
by said tenant and the calculations involved. A copy of such notice shall
be included with the converter's application, together with the proof
of service of the notice and application. In the case of an unoccupied dwelling
unit the converter shall file an affidavit certifying to the Rent Control
Board that the dwelling unit is vacant and stating the name of the most recent
tenant in occupancy, if known, and the date of termination of said occupancy,
if known.
(2)
The Rent Control Board may grant the converter an increase
in the maximum permissible price of a dwelling unit, pursuant to the provisions
of this section. No converter shall increase the maximum permissible price
of a dwelling unit as calculated above without first obtaining approval from
the Rent Control Board.
(3)
The Rent Control Board must decide any application submitted
pursuant to this subsection in a prompt and expeditious manner. No application
will be considered unless and until the converter has submitted a complete
application and provided all necessary and required documentation to the Rent
Control Board or a designated Hearing Officer appointed by the Rent Control
Board.
(4)
After the converter has filed its complete application
for an increase with all supporting documents and materials, no new material
will be considered by the Hearing Officer or Rent Control Board unless such
new material is filed with the Rent Control Board and notice identifying such
new material and setting forth a description of such material is served upon
each tenant no later than 10 days prior to the date of the hearing.
(5)
The Rent Control Board shall deny all or part of the
relief requested where specific findings of fact support the conclusion that
the converter's cost basis in and prior operation of the property to
be converted, including but not limited to the purchase price, and the amount
and terms of any indebtedness are not reasonable, prudent and/or efficient.
(6)
Documentation to be presented by the converter in an
application pursuant to this subsection must include the following, all in
relation to the property in question:
(a)
Title closing statement or other proofs of purchase.
(b)
The contract of purchase and sale.
(c)
Invoices, bills or other proof of the cost of capital
improvements performed which affect the cost basis of the property.
(d)
Canceled checks, paid invoices or other proof of payment
of capital improvements which affect the cost basis of the property.
(e)
Compilation statement of income and expenses relating
to the subject property, only for the preceding two years, or from the date
of acquisition of title if the property is owned for less than two years.
(f)
Copies of those portions of tax returns relating to the
property for the preceding two years, or the period of the converter's
ownership if less than two years.
(g)
All mortgages, notes and other encumbrances.
(h)
The deed.
(i)
Any documents requested by the Rent Control Board and
being relevant to the subject application and being necessary to the Rent
Control Board's deliberative process.
(7)
Claimed expenditures not supported by the appropriate
documentation will not be allowed.
(8)
If the Rent Control Board determines that the converter
has withdrawn all or part of his investment through refinancing or through
any other means, then said withdrawal shall be deducted from the converter's
equity in said property, unless used for capital improvement of said property,
which must be proven by the converter.
H.
In making any required computation under this article,
the Board, to the extent that it is satisfied as to the accuracy thereof,
may refer to information as to maintenance costs, other cost and expense items,
the terms, conditions and amount of any blanket encumbrance, and other financial
or other data or information, as set out in the developer's application
for registration and public offering statement submitted to the Division pursuant
to the New jersey statute known as the "Planned Real Estate Development Full
Disclosure Act," N.J.S.A. 45:22A-21 et seq., and accepted by said Division
for registration pursuant to said statute.
I.
If the original sale of a dwelling unit by a converter
was subject to and calculated under this subsection, then no resale of such
dwelling unit shall be permitted at a price greater than the purchase price
paid by the seller, plus:
(1)
The actual cost of all capital improvements.
(2)
A percentage increase in said price, equal to either:
(a)
Two-thirds of the percentage increase in the CPI between
the date the unit was purchased by the seller and a date three months prior
to the closing of such resale; or
(3)
A just and reasonable return on the owner's equity
investment.
J.
The affordable unit purchase program set forth in this
section shall be administered and enforced by the Board of Commissioners,
which may establish an Office of Conversion Administration headed by an Administrator,
who shall be appointed by and shall serve at the discretion of the Mayor.
The Mayor may, in his discretion, designate an existing subdivision of the
Department of Public Affairs to perform the duties of the Office of Conversion
Administration and shall have the authority, in his sole discretion to appoint
Hearing Officers to assist the Rent Board. In so administering and enforcing
this subsection, the Rent Board shall have and exercise all of the powers
herein granted to the Rent Board, either expressly or by implication, and
all powers necessary and appropriate to see that the purposes of this article
are executed and carried out, including specifically, but not limited to:
(1)
The authority to issue rules and regulations as it deems
necessary to implement the purposes of this article, subject to the approval
of the Mayor, which rules and regulations shall have the force of law until
revised, repealed or amended from time to time by the Rent Control Board in
the exercise of its discretion, provided that such rules or regulations are
filed with the Town Clerk. The governing body may reject any such rules or
regulations of the Rent Control Board within 60 days of the issuance of such
rule or regulation, and such rejected rule or regulation shall be deemed null
and void ab initio.
(2)
To hold hearings and make adjudications.
K.
In addition to Subsection J above, the Rent Control Board is hereby specifically empowered to delegate the authority to conduct any hearing required pursuant to this subsection, and to make any factual determinations required by the same, to a Hearing Officer selected by the Mayor.
L.
The Rent Control Board is hereby granted the authority
to order the refunding of any payments made in excess of the maximum payments
permitted by this subsection, together with interest and the reasonable expenses
of recovering such excess payments, including reasonable attorney fees.
M.
The Rent Control Board is hereby granted the authority
to establish by regulation a reasonable fee schedule in connection with the
administration of this subsection.
N.
The Rent Control Board or Hearing Officer shall give
all parties reasonable opportunity to be heard before making any determination.
All determinations must be in writing.
O.
The final decision and order of the Rent Control Board
shall be in writing or stated in the record of the Rent Control Board's
proceedings. Findings of fact, if set forth by reference to the language of
this article, shall be accompanied by a concise and explicit statement of
the underlying facts supporting the findings. The parties shall be notified
either personally or by certified mail of the final decision and order.
P.
Any party may appeal a final decision and order of the
Rent Control Board to a court of competent jurisdiction according to law.
A violation of any provision of this article shall be punishable by
a fine of not more than $1,000 and imprisonment for not more than 90 days,
or both. A violation respecting more than one dwelling unit shall be considered
a separate violation as to each such dwelling unit.
As used in this article, the following terms shall have the meanings
indicated:
The unpaid balance of a blanket encumbrance which will become payable
at some future date, which will not be totally amortized (down to zero balance)
by regular monthly or other periodic payments.
A mortgage, judgment or any other lien or encumbrance which encumbers
more than one dwelling unit being converted to a condominium or cooperative
form of ownership and which is not to be discharged at or before the closing
of a sale of such a dwelling unit.
The owner (or representative of the owner) of property containing
dwelling units covered by this article, who proposes to or takes any action
for the purpose of effecting a conversion of such property and/or dwelling
units from any other form of ownership into a cooperative or condominium form
of ownership.
A cooperative housing association or corporation which entitles the
holder of a membership interest therein to possess and occupy a unit of dwelling
space owned and leased by said association or corporation.
The consumer price index (all items; base year 1967-100) for the
region of the United States of which West New York is a part, published periodically
by the United States Department of Labor, Bureau of Labor Statistics.
The Division of Housing and Urban Renewal of the New Jersey State
Department of Community Affairs.
Any dwelling unit used for residential purposes, including both rental,
cooperatively owned and condominium units.
The value of the residential portion of real property, calculated
by dividing the assessed value of the property, for municipal tax purposes,
by the equalization ratio published by the Director of the Division of Taxation
of the State of New Jersey, and multiplying the result by the fraction of
the square footage of the floor area of the building and the area of the adjacent
lot used for residential purposes, including corridors, storage space, stairwells
and other such uses required in residential space, over the total square footage
of the floor area of the building and the area of the adjacent lot with areas
used in common being allocated according to the same proportion.
A household earning 50% or less of the median income for the West
New York, New Jersey, PMSA (Hudson County), as adjusted for household size
and as promulgated by the New Jersey Department of Community Affairs and updated
from time to time.
Includes real estate taxes, utility expenses and actual expenses
for repairs, upkeep and maintenance respecting a dwelling unit, but shall
not include principal or interest payments on any blanket encumbrance or other
mortgage or encumbrance.
The Mayor of the Town of West New York.
A household earning 50% to 80% of the median income for the West
New York, New Jersey, PMSA (Hudson County), as adjusted for household size
and as promulgated by the New Jersey Department of Community Affairs and updated
from time to time.
The annual maintenance costs divided by 12.
The first sale by the converter of a condominium unit or shares in
a cooperative.
The interest rate at which a mortgage loan, to finance the highest
permissible percentage of the purchase price of a dwelling unit undergoing
conversion, may be obtained by a qualified borrower from a bank, savings bank,
savings and loan association or other financial institution authorized to
make such a loan in the Town of West New York. For the purpose of computations
made pursuant to this article, the Rent Control Board shall determine the
prevailing interest rate at any given time, either by regulation or adjudication
in particular cases.
That portion of the principal and interest of a blanket encumbrance
which is required to be paid by the owner of any particular dwelling unit.
If the application for registration or the public offering statement filed
with, and accepted by, the Division, in connection with the converting of
any such unit, sets out any such proportionate share, then such share, so
set out, shall apply to any calculations to be made hereunder; otherwise,
the proportionate share of any dwelling unit shall be a percentage of the
total amount to be paid respecting a blanket encumbrance, which is the same
percentage as the price being charged by the converter for the dwelling unit
in question bears to the total price being charged by the converter for all
dwelling units encumbered by such blanket encumbrance.
The Board created under Chapter 312, Rent Control.
Any sale subsequent to the original sale thereof.
A structure which is completely vacant and unfit for human habitation
as defined by the statutes, codes and ordinances in full force and effect
in the State of New Jersey, County of Hudson and Town of West New York.
A.
Because this article is necessary for the health, safety
and welfare of the people of West New York, it shall be construed liberally
to effectuate the purposes set forth in the preamble.
B.
Any dwelling unit converted subject to this article shall
comply with state laws and regulations governing the conversions of dwelling
units to condominium or cooperative ownership, including, without limitation,
the Condominium Act, N.J.S.A. 46:8B-1 et seq., and the Planned Real Estate
Development Full Disclosure Act, N.J.S.A. 45:22A-21 et seq.
C.
Wherever possible, this article shall be construed to
avoid conflict with state laws and regulations and shall be construed to be
interpretative of state laws and regulations in related domains, consistent
with the obligations imposed upon the Mayor and Board of Commissioners by
the Constitution and Legislature of the State of New Jersey.
