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Resolution of the Mayor and Council of Princeton Authorizing Princeton Affordable Housing Program, Home Rehabilitation Loan 2025-3 Not to Exceed $10,000.00
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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 received the following loan application(s):
* Application 2025-3: $10,000.00 for HVAC replacement and ancillary repairs; and
WHEREAS, the Affordable Housing has qualified the applicant for participation in the rehabilitation program.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of the Municipality of Princeton, County of Mercer, State of New Jersey, as follows:
1. The Mayor and Council of Princeton hereby authorize the aforementioned rehabilitation loan totaling $10,000.00.
a. The owner(s) of the property which is the subject of the loan 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 $10,000.00 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 pa...
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