Conference/Public Meeting Agendas/Documents — Packet

units subject to a municipal ordinance adopted before October 1, 2001, which provides for condominium or homeowner association fees and/or assessments different from those provided for in this subsection shall have such fees and assessments governed by said ordinance. d. The owners of ownership units may apply to the administrative agent to increase the maximum sales price for the unit on the basis of capital improvements. Eligible capital improvements shall be those that render the unit suitable for a larger household or that add an additional bathroom. (Ord. No. 2250-09 § XI) 25-18.11 Buyer Income Eligibility. Buyer income eligibility for ownership units is pursuant to N.J.A.C. 5:80-26.1, such that low- income ownership units shall be reserved for households with a gross household income less than or equal to fifty (50%) percent of median income and moderate-income ownership units shall be reserved for households with a gross household income less than eighty (80%) percent of median income. The Administrative Agent shall certify a household as eligible for a restricted ownership unit when the household is a low-income household or a moderate-income household, as applicable to the unit, and the estimated monthly housing cost for the unit (including principal, interest, taxes, homeowner and private mortgage insurance and condominium or homeowner association fees as applicable) does not exceed thirty-three (33%) percent of the household's eligible monthly income. (Ord. No. 2250-09 § XII) 25-18.12 Control Period for Rental Units. Each restricted rental unit shall remain subject to the requirements of this section until West Orange elects to release the unit from such requirements, however, prior to such a municipal election, a restricted rental unit must remain subject to the requirements of this ordinance for a period of at least thirty (30) years. a. Deeds of all real property that include restricted rental units shall contain deed restriction language, the deed restriction shall have priority over all mortgages on the property and the deed restriction shall be filed by the developer or seller with the records office of the county and a copy of the filed document shall be provided to the administrative agent within thirty (30) days of the receipt of a Certificate of Occupancy. b.

the records office of the county and a copy of the filed document shall be provided to the administrative agent within thirty (30) days of the receipt of a Certificate of Occupancy. b. A restricted rental unit shall remain subject to the affordability controls of this section, despite the occurrence of any of the following events: 1. Sublease or assignment of the lease of the unit; 2. Sale or other voluntary transfer of the ownership of the unit; or 3. The entry and enforcement of any judgment of foreclosure. (Ord. No. 2250-09 § XIII) 25-18.13 Price Restrictions for Rental Units and Rent Increases; Leases. The initial rent for a restricted rental unit shall be approved by the Administrative Agent and shall be calculated so as not to exceed thirty (30%) percent of the eligible monthly income of the appropriate household size as determined under N.J.A.C. 5:80-26.4; provided, however, that the rent shall be subject to the affordability average requirement of N.J.A.C. 5:80-26.3. a. Rents may be increased annually based on the Housing Consumer Price Index for the United States, as published annually by COAH. Rents may not be increased more than once a year. 80