§ 165-117. Designation of agency to assure affordability.

To provide assurances that low- and moderate-income units are created with controls on affordability over time and that low- and moderate-income households occupy these units, Wharton will designate an administrative agency or municipal authority with the responsibility of ensuring the affordability of sales and rental units over time. The administrative agency or municipal authority will be responsible for those activities detailed in N.J.A.C. 5:93-9.1(a).

A. 

In addition, the administrative or municipal authority will be responsible for utilizing the verification and certification procedures outlined in N.J.A.C. 5:93-9.1(b) in placing households in low- and moderate-income units;

B. 

Newly constructed low- and moderate-income sale units will remain affordable to low- and moderate-income households for at least 30 years. The administrative or municipal authority will require all conveyances of newly constructed units to contain the deed restriction and mortgage lien adopted by COAH and referred to as "Appendix E," as found in N.J.A.C. 5:93; and

C. 

Housing units created through the conversion of a nonresidential structure will be considered a new housing unit and will be subject to thirty-year controls on affordability. The administrative agency or municipal authority will require an appropriate deed restriction and mortgage lien subject to COAH's approval.