title
Resolution of the Mayor and Council of Princeton Authorizing Downpayment Assistance for the Property Located at 3 Willow Court (Block 7401, Lot 21, Qualifier CO2)
end
body
WHEREAS, the Municipality of Princeton has a Downpayment 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 downpayment assistance to help facilitate the purchase (the “Applicant”); and
WHEREAS, the Princeton Affordable Housing Manager has reviewed the application for downpayment assistance and recommends the downpayment 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 downpayment assistance loan in the amount of $7,814.00 at a simple interest rate of four percent (4%) in order to assist with the purchase of an affordable housing unit located at 3 Willow Court.
2. The recipient of the downpayment 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.