14-10 Attachment 2

BACKGROUND The Township of West Orange, New Jersey (the "Township") is in the process of implementing a Market to Affordable program (“MTAP”) with the goal of converting 57 existing market rate rental apartments into income-restricted (low- and moderate- income) units that will meet the applicable regulations (N.J.A.C. 5:97-6.9) set forth by the by the New Jersey Council on Affordable Housing ("COAH"), as well as applicable state and local laws, rules, ordinances and regulations (hereafter, collectively referred to as the "Regulations"). Among other things, the Regulations govern the maximum rental rates, sales prices, the maximum income limits of the renters, and compliance to fair housing and marketing of the affordable units. The MTAP units shall be certified by the Township to be in sound condition, pursuant to N.J.A.C. 5:97-6.9(b)2. Further, the Township intends to invest no less than $25,000 into each moderate income unit and no less than $30,000 into each low income unit pursuant to N.J.A.C. 5:97-6.9(b)3. The Township is seeking an experienced, qualified agency or entity to coordinate the implementation of this program on behalf of the Township. By way of this document, Piazza & Associates, Inc. ("P&A"), an experienced firm that provides such affordable housing services, proposes to: 1. Identify owners of market rate rental apartments in the Township (the “Owners”) who are interested in the MTAP and negotiate the details of the program pursuant to the parameters set forth by the Township. 2. Coordinate the inspection of the units; the municipal contribution to the Owners for the units; and the execution of the proper covenants and restrictions to secure the COAH credit for the units. 3. Implement the Township’s Affirmative Marketing Plan relative to the MTAP in accordance with N.J.A.C. 5:80-26.15. 4. Certify all applicants of the MTAP according to COAH guidelines. 5. Establish and maintain affordability controls and enforcement powers, in compliance with U.H.A.C. regulations, set forth in N.J.A.C. 5:80-26.1 et seq. on or before January 15, 2010. 6. Prepare an MTAP Operating Manual for the Administration of Affordable Housing and Controls for submission to COAH and the Township, in accordance with N.J.A.C. 5:80-26.1 et seq. 7. Provide annual and monthly reports to designated authority as required. 8. Establishment of a database of applicants for the

to COAH and the Township, in accordance with N.J.A.C. 5:80-26.1 et seq. 7. Provide annual and monthly reports to designated authority as required. 8. Establishment of a database of applicants for the MTAP. Page 1