Affordable Housing Obligations. The Owner hereby covenants with the Council as follows;
Affordable Housing Obligations. The provision of affordable housing for the Project as contemplated by the 2006 Redevelopment Agreement is the obligation of Prism thereunder. The Township hereby expressly agrees and acknowledges that Redeveloper shall have no obligation to include any affordable housing units within the Phase 1 Project or on the Phase 1 Property. However, Redeveloper will make payment of a non-residential development fee in accordance with N.J.S.A. 40:55D-8.1 et seq. (the “Non Residential Development Fee”), but only in the event and to the extent that such fee applies at the time of issuance of the Certificate of Occupancy for the non-residential portion of the Project.
Affordable Housing Obligations. The redevelopment of the Property is subject to the requirement under the Renewed Hope Settlement Agreement, the Inclusionary Housing Ordinance and the Density Bonus Regulations as further set forth below:
Affordable Housing Obligations. Assignor represents and acknowledges that it has developed or will develop, in Phases 1 and 2 of the Project on the Remaining Site, up to seven (7) of the nineteen (19) moderate-income deed-restricted affordable housing units required to be developed under the Development Agreement. Assignee hereby expressly agrees that the Assumed Obligations includes the development on the Assigned Property of however many moderate-income deed-restricted affordable housing units are required to bring the aggregate total number of moderate-income deed-restricted affordable housing units for the entire Project to nineteen (19), and that it shall configure such affordable housing units such that, when taking into account the affordable housing units developed by Assignor, Condition of Approval No. 87 (as set forth in Attachment D of the Development Agreement) is satisfied as to the entire development on the Winter Highlands Property. As additional consideration for the City’s consent to this Assignment, Assignee agrees that all 16 of duet units shown in its improvement plans (including the units to bring the Project aggregate total to the required 19 units) shall be moderate-income deed-restricted affordable housing units, thus increasing the potential total number of affordable housing units in the Project to twenty-three (23). The Assignor hereby acknowledges and agrees that Assignee, by acceptance of all or any portion of this Assignment or any of the rights in, to or under the Development Agreement, shall not have assumed or be deemed to have assumed any responsibility, liability, duty or obligation whatsoever other than the Assumed Obligations.
Affordable Housing Obligations. The Developer shall comply with all affordable housing related obligations as mandated by the State of New Jersey, the Borough of Red Bank and/or any other agency having jurisdiction over the matter, including, without limitation, creating all affordable housing units as may be required by the Borough’s ordinances.
Affordable Housing Obligations. A total of twenty percent (20%) of all Residential Units developed on the Property shall be affordable to Very Low Income Households, Low Income Households and Moderate Income Households. As described in this Affordable Housing Plan, based on the maximum development of 945 Residential Units permitted under this Agreement, not fewer than one hundred and forty (140) Affordable Homes are required to be developed and not fewer than seventy (70) of the Affordable Homes are required to be Affordable to Very Low Income Households, with the remaining Affordable Homes Affordable to Low Income Households. The Affordable Homes will be built on land to be contributed by the Landowner to the County which will in turn convey the land to Qualified Housing Developers in accordance with Section 3 hereof. Fifty (50) of the Residential Units shall be affordable to Moderate Income Households and are expected to be developed by the Landowner as Inclusionary Units integrated with the Market Rate Residential Units in accordance with Section 4 of this Affordable Housing Plan. In addition, Landowner is required to make a Proximity Housing Contribution to the County in the amount of One Million Dollars ($1,000,000) to be deposited by the County into the County’s Work Proximity Housing Assistance Trust Fund and used in accordance with the terms of this Affordable Housing Plan, as more particularly described in Section 5 hereof.
