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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 2 Shirley Court (Block 24.01, Lot 15, Qual C04)
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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 2 Shirley Court, and identified as Block 24.01, Lot 15, Qual C04 on the tax map of the Municipality of Princeton (the “Property”):
Application 2026-1: $20,...
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