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Resolution of the Mayor and Council of Princeton to Utilize Funds from the Affordable Housing Trust Fund for Repairs to the Property Located At 427 Brickhouse Road (Block 9801, Lot 3.427)
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WHEREAS, pursuant to the Fair Housing Act (P.L. 1985, c. 222), municipalities in the State of New Jersey are required to provide their fair share of housing that is affordable to very-low-, low-, and moderate-income households in accordance with the provisions of the act; and
WHEREAS, pursuant to N.J.A.C. 5:99-2.1 of the Fair Housing Act Regulations (“FHA Regulations”) municipalities in compliance with the Fair Housing Act are required to maintain a municipal affordable housing trust fund; and
WHEREAS, pursuant to N.J.A.C. 5:99-2.3 of the FHA Regulations, a municipality may utilize affordable housing trust funds for any housing activity itemized in its spending plan and approved by a Court of competent jurisdiction; and
WHEREAS, the municipality of Princeton (“Princeton”) has an established municipal affordable housing trust fund, in accordance with the FHA Regulations; and
WHEREAS, on November 19, 2020, the Superior Court of New Jersey approved Princeton’s Spending Plan as part of its cumulative third round Mount Laurel affordable housing obligations, granting Princeton a Judgment of Compliance and Repose on December 10, 2020; and
WHEREAS, the Court-Approved Spending Plan includes the utilization of funds from the affordable housing trust fund for purposes of the rehabilitation of affordable housing units; and
WHEREAS, a component of the Princeton Affordable Housing Program involves providing rehabilitation loans to income eligible households; and
WHEREAS, the Princeton Affordable Housing Manager received the following loan application (“Application”) from the owner of the property located at 427 Brickhouse Road, and identified as Block 9801, Lot 3.427 on the tax map of the Municipality of Princeton (“Property”):
• Application 2026-2: $10,650.00 for water heater and HVAC system replacement, window repairs, and bathroom repairs.
WHEREAS, the Princeton Affordable Housing Manager has qualified the applicant for participation in the rehabilitation program; and
WHEREAS, by way of Resolution No. 2026-158, the Mayor and Council of Princeton authorized a rehabilitation loan not to exceed $10,650.00; and
WHEREAS, also by way of Resolution No. 2026-158, the Mayor and Council of Princeton required the owners of the Property to execute a Mortgage and Mortgage Note in favor 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 of said events, with said loan, including interest thereon, being forgiven if the Property owner occupies his property for the full 10-years pursuant to the affordable deed restriction as a part of the Princeton Affordable Housing inventory; and
WHEREAS, REJ Construction Maintenance & Repair has completed repairs to the Property in accordance with the Property owner’s Application, with total charges amounting to ten thousand and six hundred and fifty dollars ($10,650.00), as evidenced by the Purchase Order annexed hereto as Exhibit “A”; and
WHEREAS, Princeton wishes to commit specific sums of money from the Affordable Housing Trust Fund Account to address the necessary repairs to the Property as referenced in Application 2026-2;
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of Princeton as follows:
1. The Princeton Chief Financial Officer is hereby authorized and directed to withdraw from the Princeton Affordable Housing Trust Fund Account the sum of ten thousand and six hundred and fifty dollars ($10,650.00), payable to REJ Construction Maintenance & Repair for the water heater, HVAC system replacement, and window and bathroom repairs performed at 427 Brickhouse Road in accordance with Resolution No. 2026-158 and the annexed Exhibit A.
2. A certified true copy of this Resolution shall be furnished upon its adoption to the Princeton Chief Financial Officer.
3. This Resolution shall take effect immediately.