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ORDINANCE AMENDING TITLE X, FINANCE AND TAXATION, CHAPTER 24, PROCEDURES FOR APPLICATION, APPROVAL AND ADMINISTRATION OF LONG TERM TAX EXEMPTIONS, SUBSECTION 11, AFFORDABLE HOUSING TRUST FUND OF THE REVISED GENERAL ORDINANCES OF THE CITY OF NEWARK, NEW JERSEY, 2000, AS AMENDED AND SUPPLEMENTED BY EXPANDING THE GUIDELINES FOR THE EXPENDITURE OF THE AFFORDABLE HOUSING TRUST FUNDS.
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WHEREAS, the Newark Municipal Council adopted Title X, Finance and Taxation, Chapter 24, Procedures for Application, Approval and Administration of Long Term Tax Exemptions, Subsection 11, Affordable Housing Trust Fund establishing an Affordable Housing Trust Fund pursuant to N.J.S.A. 40A:12A-4.1; and
WHEREAS, the City wishes to amend the Guidelines for the Expenditure of Funds under its Affordable Housing Trust Fund to afford the City with more flexibility for the expenditure of funds towards affordable development projects within the City.
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
[Note: Additions are shown in bold and underlined and deletions are shown as strikethrough.]
Section 1. Title X, Finance and Taxation, Chapter 24, Procedures for Application, Approval and Administration of Long Term Tax Exemptions, Subsection 11, Affordable Housing Trust Fund of the Revised General Ordinances of the City of Newark, New Jersey, 2000, is hereby amended and supplemented to read as follows
10:24-11. AFFORDABLE HOUSING TRUST FUND.
An abatement authorized pursuant to this Chapter for any market rate housing project and/or housing development, or any commercial or industrial project and/or development shall not be approved unless the entity makes a contribution to the City of Newark's Affordable Housing Trust Fund, in accordance with N.J.S.A. 40A:12A-4.1 et seq. and this Chapter (the "Fund").
No contribution shall be required of an entity that by a recorded deed or agreement, restrict...
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