Franklin Lakes
January 21, 2009 THE VILLADOM TIMES I • Page 3
Borough seeks COAH approval of spending plan
by Frank J. McMahon The Franklin Lakes Council has passed resolutions seeking the New Jersey Council on Affordable Housing’s approval of the borough’s spending plan for its affordable housing trust fund, development fee ordinance, and the borough’s plan to cover any shortfall in the funds needed to implement the affordable housing program in Franklin Lakes. The three issues are interrelated because the development fee revenue that is received from residential and non-residential development within the borough when it is under the jurisdiction of COAH or a court of competent jurisdiction, funds the borough’s affordable housing trust fund. That fund is used to pay for the creation and/or rehabilitation and administration of the borough’s affordable housing program. State law requires a municipality with an affordable housing trust fund to receive approval of the spending plan from COAH prior to spending any of the funds in the housing trust fund. The plan includes a projection of revenues anticipated from imposing fees on development, based on pending, approved, and anticipated developments and historic development activity; a projection of revenues anticipated from other sources, including payments in lieu of constructing affordable units on sites zoned for affordable housing; funds from the sale of units with extinguished controls; the proceeds from the sale of affordable units and rental income and repayments from affordable housing program loans and interest earned. The plan also includes a description of the administrative mechanism the municipality will use to collect and distribute revenues, a description of the anticipated use of all affordable housing trust funds pursuant to state law, a schedule for the expenditure of all affordable housing trust funds, and, if applicable, a schedule for the creation or rehabilitation of housing units. In addition, the plan includes a statement of the anticipated costs and revenues associated with the development if the municipality envisions supporting or sponsoring public sector or non-profit construction of housing, and a plan to spend the trust fund balance as of July 17, 2008 within four years of COAH’s approval of the spending plan, or in accordance with an implementation schedule approved by COAH. The spending plan must also include the borough’s plan to spend and/or contractually commit all development fees and any payments in lieu of construction within three years of the end of the calendar year in which funds are collected, but no later than the end of COAH’s third round substantive (continued on page 26)
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