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Resolution of Need for the Construction of an Affordable Housing Project on Property Located at 13 Chestnut Street (block 30.02, lots 39.01 and 39.02)
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Resolution of Need for the Construction of an Affordable Housing Project on Property Located at 13 Chestnut Street (block 30.02, lots 39.01 and 39.02)
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WHEREAS, PCH Development Corporation ("Developer") proposes to construct a 16-unit, 100% affordable housing project (the "Project") pursuant to the provisions of the New Jersey Housing and Mortgage Finance Agency Law of 1983, as amended (N.J.S.A. 55:14K-1, et seq.) and the rules promulgated thereunder at N.J.A.C. 5:80-1, et seq., and all applicable guidelines promulgated thereto (collectively referred to as the "HMFA Requirements") within the Municipality of Princeton (the "Municipality" or "Princeton") on certain lands located at 13 Chestnut Street and designated as Block 30.02, Lots 39.01 and 39.02 on the Princeton Tax Map; and
WHEREAS, the Developer shall finance, develop, construct, operate and manage the Project in accordance with the provisions of the HMFA Requirements; and
WHEREAS, the Project will be subject to the HMFA Requirements and the financing documents executed between the Sponsor and the New Jersey Housing and Mortgage Finance Agency (the "Agency"); and
WHEREAS, pursuant to the provisions of the HMFA Requirements, Mayor and Council of Princeton hereby determines that there is a need for this housing project within the Municipality.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of Princeton, County of Mercer, State of New Jersey, on this 8th day of September, 2025, as follows:
1. The preamble to this resolution is hereby incorporated as if fully restated herein.
2. Princeton finds and determines that the proposed Project described above meets or will meet in the future an existing affordable housing need within the Municipality.
3. Princeton does hereby adopt this Resolution and makes the determinations and findings herein contained by virtue of, pursuant to, and in conformity with the provisions of the HMFA Requirements to enable the Agency to process the Developer's application for Agency funding to finance the Project.
4. This Resolution shall take effect immediately.