(A) Except as otherwise provided in these regulations, all sales units and all rental units are subject to the provisions of this subchapter and shall be subject to resale and rental controls for a period of at least 30 years from the date of acquisition of the unit by the initial purchaser or lessee.
(B) The model restrictive covenant and mortgage lien contained in N.J.A.C. 5:93, Controls of Affordability, shall be applied to each affordable sale unit.
(C) All low- and moderate- income dwelling units shall be covered by covenants to ensure that in all initial sales and rentals, and in all subsequent resales and re-rentals, the units will continue to remain available and affordable to the lower- income households for which they were intended for the period specified in this section in accordance with the requirements and standards established by COAH.
('74 Code, § 131-91) (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) Penalty, see § 156.999