§ 82-14. Affordable housing registration fee.

A. 

An escrow fund shall be established by the Township for the receipt of registration fees to be used in assisting to finance the duties of the Township's Affordable Housing Committee as follows:

(1) 

Initial sale/rental as well as resale of low and moderate income units: $100 per low/moderate income dwelling unit.

(2) 

Re-rental of low/moderate income units: $50 per low/moderate income dwelling unit.

B. 

The fee shall be payable as follows:

(1) 

Initial sale/rental: upon issuance of the certificate of occupancy.

(2) 

Resale: upon time of closing.

(3) 

Re-rental: upon execution of the lease agreement.

C. 

Failure to pay required fees shall be subject to penalties equal to 1 1/2% interest per month on unpaid fees plus any legal and collection fees involved in the repayment of the required fee.