Princeton’s affordable housing plan includes a mix of inclusionary (20 percent affordable), 100 percent affordable, as well fully mixed income projects with apartments designated for seniors, special needs adults, and families. The 100-percent affordable projects enable the greatest amount of affordable units with the least amount of density. However, they require the financial backing of the municipality in order to be viable. The inclusionary projects are funded entirely by the developer. Princeton’s plan combines a balance of the two approaches.
Princeton was required to develop a plan to meet its court-ordered affordable housing obligation of 753 units to be built during New Jersey’s “Third Round” of affordable housing construction (covering the 26 years between 1999-2025). Princeton received credit for the many housing developments built in town since 1999, and also received a number of bonus credits. Princeton’s plan provides the opportunity for more affordable housing than is required by the court.
The Mayor and Council aimed to develop a plan with broad benefits. The new housing will be built near hubs of commercial activity (Central Business District, Princeton Shopping Center, Route 206 and the Montgomery border.) The major components of the plan create an opportunity to strengthen our overall community by:
Increasing the amount of affordable housing for seniors
Providing housing opportunities for developmentally disabled adults
Maximizing the positive local economic impacts resulting from smart growth planning by building housing within easy walking distance to transit, shopping, and jobs.