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Resolution of the Mayor and Council of the Municipality of Princeton Authorizing and Amending Princeton Affordable Housing Home Improvement Program Loans
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WHEREAS, a component of the Princeton Affordable Housing Program (the “Program”) involves providing home improvement and rehabilitation loans to income eligible households; and
WHEREAS, the interim Affordable Housing Manager has been working with certain Program participants that were previously approved and enrolled in the Program, and for which the approved scope of work was subsequently undertaken and additional work associated with the approvals was found to be necessary and appropriate and requires an amendment to the prior approvals, as follows:
• Amendment for 431 Brickhouse Road (Block 9801, Lot 3.431), amending the total amount of the Loan from $7,800.00 previously approved by Resolution No. 24-346, adopted November 25, 2024, to $17,100.00, for interior renovations and upgrades to the kitchen and bathroom;
WHEREAS, the interim Affordable Housing Manager finds the above-listed repairs 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 431 Brickhouse Road (Block 9801, Lot 3.431):
a. The Princeton Affordable Housing Home Improvement Program Loan Application, totaling $17,100.00, is hereby authorized and approved.
b. 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.
c. Pursuant to the Program loan authorized herein, the sum of $17,100.00 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.
d. Upon satisfaction of the conditions for payment set forth in subparagraph c. above, the interim 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. 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.