§ 165-113. Criteria to determine rents and sale prices.

In conjunction with realistic market information, the following criteria will be used in determining maximum rents and sale prices:

A. 

Efficiency units will be affordable to one-person households;

B. 

One half of all one-bedroom units will be affordable to one-person households and 1/2 of all one-bedroom units will be affordable to two-person households;

C. 

One half of all two-bedroom units will be affordable to two-person households and 1/2 of all two-bedroom units will be affordable to three-person households;

D. 

One half of all three-bedroom units will be affordable to four-person households and 1/2 of all three-bedroom units will be affordable to five-person households;

E. 

Median income by household size will be established by a regional weighted average of the uncapped Section 8 income limits published by HUD as per N.J.A.C. 5:93-7.4(b);

F. 

The maximum average rent and price of low- and moderate-income units within each inclusionary development will be affordable to households earning 57.5% of median income;

G. 

Moderate-income sales units will be available for at least three different prices and low-income units will be available for at least two different prices;

H. 

For both owner-occupied and rental units, the low- and moderate-income units will utilize the same heating source as market units within an inclusionary development;

I. 

Low-income units will be reserved for households with a gross household income less than or equal to 50% of the median income approved by COAH; moderate-income units will be reserved for households with a gross household income less than 80% of the median income approved by COAH as per N.J.A.C. 5:93-9.16; and

J. 

The regulations outlined in N.J.A.C. 5:93-9.15 and 5:93-9.16 will be applicable for purchased and rental units.