§ 504-4. Phasing of certificates of occupancy.

Certificates of occupancy for developments that include affordable housing units shall be subject to the following additional provisions:

A. 

Phasing schedule for inclusionary development. Affordable housing units shall be built, occupied, and receive certificates of occupancy in accordance with the following schedule:

Maximum Percentage of Market-Rate Units Completed	Minimum Percentage of Low- and Moderate-Income Units Completed
25%	0%
25+1%	10%
50%	50%
75%	75%
90%	100%

B. 

No initial occupancy of a low- or moderate-income housing sales unit shall be permitted prior to issuance of a certificate of occupancy, and no certificate of occupancy for initial occupancy of a low- or moderate-income housing sales unit shall issue unless there is a written determination by the administrative agent that the unit is to be controlled by a deed restriction and mortgage lien as required by UHAC.

C. 

A certificate of reoccupancy for any occupancy of a low- or moderate-income housing sales unit resulting from a resale shall be required, and the Borough shall not issue such certificate unless there is a written determination by the administrative agent that the unit is to be controlled by the deed restriction and mortgage lien required by UHAC.

D. 

The certificate of reoccupancy shall not be required where there is a written determination by the administrative agent that controls are allowed to expire or that the repayment option is being exercised pursuant to N.J.A.C. 5:92-12.3.

Editor's Note: N.J.A.C. 5:92 expired 4-13-2013.