Princeton Council Endorses New Affordable Housing Plan, Aiming for Comprehensive Housing Solutions

In a development, the Princeton Council endorsed a new municipal housing element and fair share plan during their recent meeting. The plan, which includes a fourth-round spending plan, aims to address the town’s affordable housing requirements by rehabbing existing units and planning new developments.

04:51The council’s adoption of the fourth-round affordable housing plan is a key move towards ensuring equitable housing solutions in Princeton. The plan involves rehabbing 60 units at the local housing authority, with a minimum set-aside cost of $10,000 per unit as per statutory requirements. However, council members acknowledged that further consultation with the housing authority is needed to determine the exact costs. Additionally, the plan includes a municipally sponsored project on the Franklin Lot, estimated to require between $60 to $70 million in bonding if external funding is not secured. The council remains optimistic that state funding will be obtained in the mixed-income round this fall.

The council also expressed gratitude for the extensive efforts of various committees, highlighting the collaborative work of certain council members and local planning experts who have engaged in regular meetings over the past year. The plan was well-received during a recent planning board meeting, with positive community feedback underscoring its balanced approach.

07:05Further resolutions related to the affordable housing initiative were passed, including the intent to fund or bond for the fourth-round program and authorizing a settlement agreement with the Fair Share Housing Center. This marks a departure from previous legal confrontations with the center. The settlement underscores a shared commitment to meeting housing obligations without resorting to lengthy court battles.

Note: This meeting summary was generated by AI, which can occasionally misspell names, misattribute actions, and state inaccuracies. This summary is intended to be a starting point and you should review the meeting record linked above before acting on anything you read. If we got something wrong, let us know. We’re working every day to improve our process in pursuit of universal local government transparency.

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