The redevelopment of the two former Princeton Housing Authority buildings on Franklin Avenue, between Witherspoon Street and Jefferson Road, into an affordable housing and workforce housing development is inching closer to reality.
The Princeton Council awarded a contract for $50,000 to consultant LRK Inc. for redevelopment and planning services for the so-called Franklin Maple site. An adjacent parking lot on Franklin Avenue is included in the study.
The three properties are owned by the Municipality of Princeton. They are included in the town’s Fourth Round Housing Plan Element and Fair Share Plan, which covers the 10-year period between 2025 and 2035.
Redevelopment of the three parcels will help the town to meet its state-mandated obligation to provide its fair share of affordable housing. The parcels had been declared an area in need of redevelopment in 2021, based on guidelines under the state Local Housing and Redevelopment Law.
LRK Inc. will prepare a preliminary concept plan for the site, which will be refined into a draft redevelopment plan that includes development standards and design guidelines.
The former Maple Terrace and Franklin Terrace properties contain a combined total of 20 units of one- and two-bedroom apartments. They were built in the 1930s and 1940s, but they have been vacant for several years.
The Princeton Council entered into an agreement with Community Investment Strategies (CIS) in 2023 to redevelop the properties into 160 housing units on the 3.2-acre site, which includes the parking lot. CIS will own, develop and manage the new development.
Half of the 160 rental apartments will be set aside for affordable housing. The remaining 60 units will be targeted for workforce housing.
The household income requirements for affordable housing and workforce housing differ.
Affordable housing is geared for households that earn from 30- to 80% of median income. It is stratified into very-low income, low-income and moderate-income categories.
Workforce housing is for households that earn between 80- and 120% of median income. Police officers, firefighters and teachers would be eligible, because they earn too much to qualify for affordable housing – but not enough to afford market-rate housing.
In Mercer County, the median income for a one-person household is $98,400 and for a four-person household, it is $140,500.
To qualify for affordable housing a one-person household can earn up to $29,250 for very-low income, and up to $49,200 for low income. A one-person moderate-income household can earn a maximum of $78,720.
For a four-person household to qualify for affordable housing, it may earn up to $42,150 for very-low income and up to $70,250 for low-income housing. To qualify for moderate-income housing, a four-person household’s income may not exceed $112,400.
To be eligible for workforce house, a one-person household can earn between $78,720 to $118,080. For a four-person household, it is between $112,400 and $168,600.
A Princeton police officer earns $65,694 in his or her first year as a patrol officer after graduating from the police academy. After 14 years, a patrolman’s salary tops out at $157,414. Police corporals, sergeants, lieutenants, the captain and the police chief earn more.
A probationary Princeton firefighter will earn $55,080 for 2026, and $59,302 in 2027 in his or her first year as a full-fledged firefighter. The Princeton Fire Department captain will earn $100,159 in 2026.
And a newly-minted teacher in the Princeton Public Schools who holds a bachelor’s degree earns $63,790 in his or her first year in the 2026-27 school year. The pay reaches a maximum of $101,840 after 18 years for a teacher who holds a bachelor’s degree. Teachers who have earned extra credits and extra degrees, such as a master’s degree, earn more money.
