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Resolution of the Mayor and Council of Princeton Authorizing and Amending Princeton Affordable Housing Program, Home Rehabilitation Loans 2025-1 and 2025-2 Not to Exceed $39,300.00
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WHEREAS, a component of the Princeton Affordable Housing Program involves providing rehabilitation loans to income eligible households; and
WHEREAS, the Princeton Affordable Housing Manager has been working with certain Program participants that were previously approved and enrolled in the Program, and for which there was a change order amending the scope of work previously approved by the Princton Affordable Housing Manager and owner for certain repairs:
* Application 2025-1: amending the scope of work previously approved by Resolution No. 25-112, adopted March 24, 2025, to omit a window replacement in lieu of other bathroom repairs. The change order is applicable to the bathroom repairs. The previously approved total of $19,300.00 remains unchanged; and
* Application 2025-2: amending the scope of work previously approved by Resolution No 25-112, adopted March 24, 2025, to include bathroom repairs. The change order is applicable to the bathroom repairs. The previously approved total of $20,000.00 remains unchanged; and
WHEREAS, the Affordable Housing Manager finds the above-listed change orders and work to be reasonable, appropriate and within the scope, intent and purpose of the Program and requests that the loans, amendments, and payments associated thereto be approved.
NOW, THEREFORE, BE IT RESOLVED by the Council of the Municipality of Princeton, County of Mercer, State of New Jersey, as follows:
1. As to application 2025-1, the Princeton Affordable Housing Home Improvement Program Loan Application totaling $19,300.00, is hereby approved.
a. The owner(s) of the property which is the subject of the Application shall execute a Mortgage Note and Mortgage in favor of the Municipality of Princeton for repayment of said loan at the time of resale, transfer of the property, borrowing against the property or renting out or vacating the property if the full 10-year term has not passed at the time of the occurrence of any said events. If the property owner(s) occupy the property for the full 10-year term and the property remains the subject of its affordable housing deed restriction for the duration of the term as part of the Princeton Affordable Housing Inventory, then said loan, including any interest thereon, shall be forgiven.
b. Pursuant to the Program loan authorized herein, the sum of $19,300.00 is hereby appropriated, authorized and approved for payment from the municipal Affordable Housing Trust Fund. The funds shall be paid directly to the contractor(s) upon completion of the loan documents, completion of the work, and the inspection and acceptance by the Affordable Housing Manager.
c. Upon satisfaction of the conditions for payment set forth in subparagraph b. above, the Affordable Housing Manager shall complete the necessary paperwork, including payment voucher, for submission to Princeton's Qualified Purchasing Agent and Chief Finance Officer for processing and payment as authorized herein.
2. As to application 2025-2, the Princeton Affordable Housing Home Improvement Program Loan Application totaling $20,000.00, is hereby approved.
a. The owner(s) of the property which is the subject of the Application shall execute a Mortgage Note and Mortgage in favor of the Municipality of Princeton for repayment of said loan at the time of resale, transfer of the property, borrowing against the property or renting out or vacating the property if the full 10-year term has not passed at the time of the occurrence of any said events. If the property owner(s) occupy the property for the full 10-year term and the property remains the subject of its affordable housing deed restriction for the duration of the term as part of the Princeton Affordable Housing Inventory, then said loan, including any interest thereon, shall be forgiven.
b. Pursuant to the Program loan authorized herein, the sum of $20,000.00 is hereby appropriated, authorized and approved for payment from the municipal Affordable Housing Trust Fund. The funds shall be paid directly to the contractor(s) upon completion of the loan documents, completion of the work, and the inspection and acceptance by the Affordable Housing Manager.
c. Upon satisfaction of the conditions for payment set forth in subparagraph b. above, the Affordable Housing Manager shall complete the necessary paperwork, including payment voucher, for submission to Princeton's Qualified Purchasing Agent and Chief Finance Officer for processing and payment as authorized herein.
3. A certified true copy of this Resolution shall be furnished upon its adoption by the Princeton Clerk to the Princeton Affordable Housing Manager, Chief Finance Officer and Qualified Purchasing Agent.