Public Township Council Meeting — Packet

DEFINITIONS Special Needs Partnership (SNP) The NJ Department of Community Affairs, the Housing and Mortgage Finance Agency and the NJ Department of Human Services, collectively working to expand housing opportunities and expedite the process of placing developmentally disabled individuals into community based supportive housing. Qualified developer A housing developer that has been screened by the SNP and meets the standards set by the SNP for the purpose described above. Unit A bedroom housing one individual with a developmental disability. Cost caps The sum of the purchase price and renovation cost is not to exceed $125,000 per unit or $500,000 per house. UNDERSTANDING Township of West Orange has Affordable Housing Trust Fund (AHTF) monies that it chooses to allocate for the purpose described in this MOU. AHTF monies transferred to the HMFA will be made available to Our House, Inc. who has identified a property to acquire for conversion to a community residence for individuals with developmental disabilities. The cost to acquire and rehabilitate one house with three or four bedrooms shall be capped at $125,000 per bedroom or $500,000 for one house. The State will match the municipality’s trust fund contribution. The $125,000 per bedroom cap and the $500,000 per house cap includes the State’s contribution, the municipal contribution and all renovations. The municipal contribution pursuant to this MOU will be $250,000.00 of the current balance of its Affordable Housing Trust Fund as set forth in Paragraph 1 below. Some preference for local residents will be given. Township of West Orange agrees to vest oversight for the expenditure of AHTF monies so transferred for the development of said residences with the HMFA, an entity that has experience and an established process that ensures the completion of the affordable, supportive housing. PROCESS 1. Within 15 business days of the execution of this MOU, Township of West Orange shall transfer $250,000.00 from its current Affordable Housing Trust Fund of $2,512,143.00 to HMFA for the purpose of funding the purchase of existing ranch style homes and other first story residences within the municipality. 2. HMFA will deposit and hold the municipality’s AHTF money in a separate escrow account for Township of West Orange identifiable from other funds. 3. The

dences within the municipality. 2. HMFA will deposit and hold the municipality’s AHTF money in a separate escrow account for Township of West Orange identifiable from other funds. 3. The HMFA and Township of West Orange will acknowledge the transfer of such money by executing an escrow agreement. 4. Either the municipality or Our House, Inc. with the consent of Township of West Orange, may identify the property selected for acquisition and renovation.