Public Township Council Meeting — Packet

5. EXCESS OR SHORTFALL OF FUNDS Pursuant to the Housing Element and Fair Share Plan, the governing body of West Orange has adopted a bond ordinance agreeing to fund any shortfall of funds required for implementing housing programs. The bond ordinances are on file with COAH. As can be seen, there is a shortfall of funds to run the proposed housing program. 6. BARRIER FREE ESCROW Collection and distribution of barrier free funds shall be consistent with West Orange’s Affordable Housing Ordinance in accordance with N.J.A.C. 5:97-8.5. SUMMARY West Orange intends to spend affordable housing trust fund revenues pursuant to N.J.A.C. 5:97 -8.7 through 8.9 and consistent with the housing programs outlined in the housing element and fair share plan dated November 5, 2008. West Orange has a balance of $2,584,397.64 as of December 31, 2011 and anticipates an additional $707,000 in revenues before the expiration of substantive certification for a total of $3,291,397.64. The municipality will dedicate $1,663,292 towards rehabilitation and, $250,000 towards Group Homes at this time, $777,341.62 to render units more affordable, and $600,763.88 to administrative costs.* Any shortfall of funds will be offset by bonding. To the extent feasible and available, West Orange will utilize public funding. Only in the absence of public funds will West Orange utilize bonding. * West Orange will transfer unspent administrative funds each year into other housing projects that may have deficits. 8