Public Township Council Meeting — Packet

WEST ORANGE TOWNSHIP / ESSEX COUNTY Spending Plan – Amended May 2012 INTRODUCTION West Orange Township / Essex County has prepared a Housing Element and Fair Share plan that addresses its regional fair share of the affordable housing need in accordance with the Municipal Land Use Law (N.J.S.A. 40:55D-1 et seq.), the Fair Housing Act (N.J.S.A. 52:27D- 301) and the regulations of the Council on Affordable Housing (COAH) (N.J.A.C. 5:97-1 et seq. and N.J.A.C. 5:96-1 et seq.). A development fee ordinance creating a dedicated revenue source for affordable housing was approved by COAH on October 8, 1992 and adopted by the municipality on October 13, 1992. The ordinance establishes the affordable housing trust fund for which this spending plan is prepared. As of December 31, 2011, West Orange has collected $5,828,742.61, expended $3,244,344.97 resulting in a balance of $2,584,397.64. All development fees, payments in lieu of constructing affordable units on site, funds from the sale of units with extinguished controls, and interest generated by the fees are deposited in a separate interest-bearing affordable housing trust fund in Fleet Bank for the purposes of affordable housing. These funds shall be spent in accordance with N.J.A.C. 5:97-8.7-8.9 as described in the sections that follow. West Orange first petitioned COAH for substantive certification on September 24, 1991 and received prior approval to maintain an affordable housing trust fund on October 8, 1992. As of December 31, 2004, the prior round balance remaining in the affordable housing trust fund was $ 991,568.35. From January 1, 2005 through July 17, 2008, West Orange collected an additional $1,863,618.74 in development fees, payments in lieu of construction, other funds, and/or interest. From January 1, 2005 through July 17, 2008, West Orange expended funds on the affordable housing activities detailed in section 4 of this spending plan.