The Princeton Council has approved a resolution committing the town to meet its fourth round affordable housing obligation over the next 10 years.
The fourth round obligation calls for a present need obligation of 60 affordable housing units and a prospective need obligation of 276 new affordable housing units.
The resolution was adopted at the Princeton Council’s Jan. 27 meeting, ahead of a Jan. 30 deadline to adopt a binding resolution accepting the town’s affordable housing obligation. The town must adopt a housing element and fair share plan by June 30 to address its present and prospective need obligations.
The New Jersey Department of Community Affairs was given the task of calculating a town’s present need and future need for affordable housing for the 10-year period of 2025 to 2035.
During the third round which covered 1999 to 2024, Princeton was required to provide 753 units of affordable housing. The town received credit for many housing developments built since 1999 and also received bonus credits.
Princeton’s third round affordable housing obligation was determined in a court-ordered settlement of a lawsuit brought by the nonprofit Fair Share Housing Center. Princeton was one of many towns sued by the group in an effort to require it to provide its fair share of affordable housing.
To qualify for an affordable housing unit, a one-person household’s annual income may not exceed $27,311 for a very-low income household; $45,419 for a low-income household; and $72,830 for a moderate-income household.
For a four-person household, the maximum annual income is $39,016 for a very-low income household. It is $65,027 for a low-income household and $104,043 for a moderate-income household.
Monthly rent for an affordable housing unit is based on the prospective tenant’s income.
Since the lawsuit was settled in 2019, several new apartment developments have been approved. Constriction on some have been completed and others are nearing completion.
Those new developments include a 200-unit apartment building on the south side of the Princeton Shopping Center, and a 125-unit apartment building on the north side of the shopping center on the corner of North Harrison Street and Terhune Road.
The apartment building on the south side of the Princeton Shopping Center, known as Avalon Princeton on Harrison, earmarks 40 of the 200 apartments for affordable housing. The market rate rent for a one-bedroom apartment starts at $2,725. It starts at $4,355 for a three-bedroom apartment.
The Alice, which is an apartment building on the corner of North Harrison Street and Terhune Road, sets aside 25 of the 125 apartments for affordable housing. The market rate for a one-bedroom apartment starts at $2,905. It offers one- and two-bedroom apartments.
A 221-unit apartment and townhouse development on Thanet Circle, known as Avalon Princeton Circle, set aside 11 apartments for affordable housing. The market rate rent for a one-bedroom apartment starts at $2,765. The rent for a three-bedroom market rate apartment starts at $4,550.
The Princeton Senior Living apartment building, also on Thanet Circle, has 80 one- and two-bedroom apartments. All are affordable for income-eligible residents who are at least 55 years old. The rents range from $653 to $1,363 for a one-bedroom apartment and from $782 to $1,364 for a two-bedroom unit.
And on the corner of Mount Lucas Road and Herrontown Road on the site of the former SAVE animal shelter, a 64-unit apartment building is under construction. All of the apartments have been set aside for affordable housing.
