Public Township Council Meeting — Packet

Rehabilitation program: West Orange has a rehabilitation obligation of 324 units. West Orange averages $21,000 per project cost. Special Needs Partnership: MOU - $250,000 TOTAL NEW CONSTRUCTION - $1,913,292.14 Projected minimum affordability assistance requirement: Actual development fees through 2011 $4,324,233.78 Actual interest earned through 2011 + $408,591.17 Development fees projected* 2012-2018 + $700,000 Interest projected 2012-2018 + $7,000 Less housing activity expenditures - $2,848,686.23 Total = $2,591,138.72 30 percent requirement x 0.30 = $777,341.62 Less Affordability assistance expenditures through - $00.00 PROJECTED MINIMUM Affordability Assistance = $777,341.62 Requirement 1/1/2012 through 12/31/2018 PROJECTED MINIMUM Very Low-Income Affordability Assistance Requirement 1/1/2012 through 12/31/2018 ÷ 3 = $259,113.87 West Orange will dedicate $777,341.62 from the affordable housing trust fund to render units more affordable, including $259,113.87 to render units more affordable to households earning 30 percent or less of median income by region, as follows: Converting low income units to very low income units and / or emergency repairs and/ or energy efficiency assistance program . (c) Administrative Expenses (N.J.A.C. 5:97-8.9) West Orange projects that $911,491.78 will be available from the affordable housing trust fund to be used for administrative purposes. Projected administrative expenditures, subject to the 20 percent cap, are as follows: 5