Conference/Public Meeting Agendas/Documents — Packet

DRAFT PROPOSED REVISIONS – OCTOBER 2011 Affordability average shall mean an average of the percentage of median income at which restricted units in an affordable development are affordable to low- and moderate-income households. Affordable shall mean, in the case of an ownership unit, that the sales price for the unit conforms to the standards set forth in N.J.A.C. 5:80-26.6 and, in the case of a rental unit, that the rent for the unit conforms to the standards set forth in N.J.A.C. 5:80-26.12. Affordable development shall mean a housing development all or a portion of which consists of restricted units. Agency shall mean the New Jersey Housing and Mortgage Finance Agency established by P.L. 1983, c. 530 (N.J.S.A. 55:14K-1 et seq.) and in, but not of, the DCA. Age-restricted unit shall mean a housing unit designed to meet the needs of, and exclusively for, the residents of an age-restricted segment of the population where the head of the household is a minimum age of either sixty-two (62) years, or fifty-five (55) years and meets the provisions of the 42 U.S.C. §§3601 et seq., except that due to death, a remaining spouse of less than fifty-five (55) years of age shall be permitted to continue to reside. Assisted living residence shall mean a facility licensed by the New Jersey Department of Health and Senior Services to provide apartment-style housing and congregate dining and to assure that assisted living services are available when needed for four (4) or more adult persons unrelated to the proprietor and offer, at a minimum, one (1) unfurnished room, a private bathroom, a kitchenette and a lockable door on the unit entrance. Balanced housing shall mean the Neighborhood Preservation Balanced Housing Program of the DCA as set forth at N.J.S.A. 52:27D-320 and N.J.A.C. 5:43. Certified household shall mean a household that has been certified by an administrative agent as a low-income household or moderate-income household. COAH shall mean the Council on Affordable Housing in, but not of, the DCA, established under the New Jersey Fair Housing Act (N.J.S.A. 52:27D-301 et seq.). DCA shall mean the State of New Jersey Department of Community Affairs. Fair Share Round shall mean any one (1) of three (3) periods in time during which the Council established municipal obligations to provide affordable housing and the first round was from 1987-1993 and the second

Round shall mean any one (1) of three (3) periods in time during which the Council established municipal obligations to provide affordable housing and the first round was from 1987-1993 and the second period was from 1993-1997 and the third is for 1999-2018. HAS shall mean the Housing Affordability Service, formerly known as the "Affordable Housing Management Service," at the New Jersey Housing and Mortgage Finance Agency. Low-income household shall mean a household with a total gross annual household income equal to fifty (50%) percent or less of the median income. Low-income unit shall mean a restricted unit that is affordable to a low-income household. Median income shall mean the median income by household size for an applicable county, as adopted annually by COAH. Moderate-income household shall mean a household with a total gross annual household income in excess of fifty (50%) percent but less than eighty (80%) percent of the median income. Moderate-income unit shall mean a restricted unit that is affordable to a moderate-income household. MONI shall mean the Agency's Market Oriented Neighborhood Investment Program, as it may be authorized from time to time by the Agency. 91