Ordinance No. 12-12
Introduced: June 19, 2012
Public Hearing: June 30, 2012
Transfer COAH Funds to Irrevocable Trust
AN ORDINANCE OF THE TOWNSHIP OF VERNON, COUNTY OF SUSSEX, STATE OF NEW JERSEY,
WHEREAS, pursuant to the New Jersey Fair Housing Act, N.J.S.A. 52:27D-301, et seq., the Township of Vernon has collected development fees from developers of residential property so that the Township may advance and fund the creation of affordable housing in the Township; and
WHEREAS, as of May 31, 2012, the available balance of the Township’s affordable housing trust is $236,788.09; and
WHEREAS, N.J.S.A. 52:27D-329.2 provides that the development fees collected by the Township shall be committed for expenditure within four years from the date of collection; and
WHEREAS, the Township desires to irrevocably obligate, bind, pledge, and consign for preservation the development fees it has collected so that it may further advance and fund the creation of affordable housing in the Township;
NOW, THEREFORE, BE IT ORDAINED by the Township Council of the Township of Vernon, County of Sussex, State of New Jersey, as follows:
SECTION 1. The Mayor and Council of the Township of Vernon hereby create the “Vernon Township Affordable Housing Irrevocable Trust.”
SECTION 2. The Mayor, Township Clerk, Township Attorney, and Chief Financial Officer are hereby authorized and directed to take all steps and execute any documents which are reasonably necessary to transfer all collected development fees to the Vernon Township Affordable Housing Irrevocable Trust established for the purpose of advancing and funding the creation of affordable housing in the Township.
SECTION 3. All ordinances or parts of ordinances inconsistent herewith are hereby repealed to the extent of such inconsistency.
SECTION 4. If any section, paragraph, subsection, clause or provision of this Ordinance shall be adjudged invalid, such adjudication shall apply only to the section, paragraph, subsection, clause or provision so adjudged and the remainder of the Ordinance shall be deemed valid and effective.
SECTION 5. This Ordinance shall take effect upon final passage and publication as provided by law.