improvements of roads and infrastructure to affordable housing sites; financial

assistance designed to increase affordability; administration necessary for

implementation of the Housing Element and Fair Share Plan; and/or any other

activity permitted by Superior Court and specified in the approved Spending

Plan.

b. Funds shall not be expended to reimburse the municipality or activities that

occurred prior to the authorization of a municipality to collect development

fees.

c. At least a portion of all development fees collected and interest earned shall

be used to provide affordability assistance to very low-, low- and moderate-

income households in affordable units included in the municipal Fair Share

Plan. A portion of the development fees which provide affordability assistance

shall be used to provide affordability assistance to very low-income

households.

i. Affordability assistance programs may include down payment assistance,

security deposit assistance, low-interest loans, rental assistance,

assistance with homeowners association or condominium fees and special

assessments, infrastructure assistance, and assistance with emergency

repairs. The specific programs to be used for affordability assistance shall

be identified and described within the Spending Plan.

ii. Affordability assistance for very low income households may include

producing very low-income units or buying down the cost of low- or

moderate-income units in the municipal Fair Share Plan to make them

affordable to households earning 30% or less of median income.

d. No more than 20% of all affordable housing trust funds, exclusive of those

collected to fund an RCA prior to July 17, 2008, shall be expended on

administration, including, but not limited to, salaries and benefits for municipal

employees or consultants’ fees necessary to develop or implement a new

construction program, prepare and implement a Housing Element and Fair

Share Plan, administer an Affirmative Marketing Program and for compliance

with the Superior Court and the Program including the costs to the

municipality of resolving a challenge.

9. Monitoring

a. On or before February 15 of each year, the municipality shall provide annual

electronic data reporting of trust fund activity for the previous year from

January 1st to December 31st through the AHMS Reporting System. This

reporting shall include an accounting of all Municipal Affordable Housing Trust

Fund activity, including the sources and amounts of all funds collected and

the amounts and purposes for which any funds have been expended. Such

reporting shall include an accounting of development fees collected from

residential and non-residential developers, previously eligible payments in lieu

of constructing affordable units on site (if permitted by ordinance or by

agreement with the municipality prior to the March 20, 2024 statutory

elimination per P.L. 2024, c.4), funds from the sale of units with extinguished

controls, barrier-free escrow funds, rental income from municipally-owned