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Resolution Of the Mayor and Council of Princeton Authorizing Affordability Assistance for the Property Located at 47 Billie Ellis Lane (Block 802, Lot 10137, Qualifier C047)
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WHEREAS, the Municipality of Princeton has an Affordability Assistance Program to assist income-eligible households purchase affordable housing units within the Municipality; and
WHEREAS, an income-eligible purchaser is in the process of purchasing an affordable housing unit and has applied for assistance with closing costs to help facilitate the purchase (the “Applicant”); and
WHEREAS, the Princeton Affordable Housing Manager has reviewed the application for closing cost assistance and recommends the closing cost assistance loan to the Applicant be approved;
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 Municipality of Princeton hereby grants a closing cost assistance loan in the amount of five thousand dollars ($5,000.00) at a simple interest rate of four percent (4%) in order to assist with the purchase of an affordable housing unit located at 47 Billie Ellis Lane.
2. The recipient of the closing cost assistance loan shall execute a Mortgage and Mortgage Note in favor of the Municipality to guarantee repayment of the loan at the time of resale or refinance of the affordable unit by the recipient.
3. A certified true copy of this resolution shall be furnished to the Princeton Affordable Housing Manager and the Princeton Chief Finance Officer.