The resale price of the affordable housing unit shall be the base price increased pursuant to divisions (A) and (B) herein.
(A) Percentage increase in household income. The price approved by the Board at which the seller acquired the property shall be the base price. The base price shall be multiplied by 100% plus the percentage increase in the HUD uncapped median income by family size for the county from the time of acquisition of the property to the date that notice of intent to sell is given to the Board. For example, if the base price is $30,000 and the median income at the time of the initial acquisition is $32,000 and at the time of the resale transaction the median income has increased 25% to $40,000 then the resale price is as follows:
100 + 25 = 1.25
100 100
$30,000 x 1.25 = $37,500
(B) Improvements.
(1) In addition, the seller shall be entitled to add to the selling price of the unit the cost of an eligible capital improvement to the affordable housing which, pursuant to N.J.A.C. 5:93-9.11, renders the unit suitable for a larger household.
(2) Upon request of an owner of an affordable housing unit, the Board shall consider within 30 days whether to grant prior approval of an improvement and to approve a specific dollar amount up to the amount actually expended for that improvement.
('74 Code, § 131-86) (Ord. 15-1975, passed 8-11-75; Am. Ord. 369-1987, passed 7-27-87; Am. Ord. 699-94, passed 6-13-94; Am. Ord. 945-99, passed 9-13-99; Am. Ord. 43-04, passed 3-22-04; Am. Ord. 266-15, passed 5-11-15)