Ordinance Seeks To Acquire Land For Affordable, Market Rate Housing In Princeton

PRINCETON, NJ – On Monday, Council introduced an ordinance that seeks to acquire land on 1-10 Franklin Avenue for affordable housing development.

The municipality seeks to acquire lots 2, 26 and 27 in Block 21.04.

While Princeton owns lots 26 and 27, lot 2 is owned by the Princeton Housing Authority, which has a history of owning, operating and managing twenty residential apartment units on Lots 2 and 26.

The price of the property has been set at $1,720,000 and the Municipality and housing authority have been working collaboratively on the project.

The land acquisition will be funded through funds currently available in the Municipal Affordable Housing Trust Fund and/or the general municipal fund, according to the ordinance.

An additional $30,000 has been set aside for surveys, title insurance, recording fees, environmental assessments, and other closing costs.

The site is the proposed location of new apartment units which Princeton will build in partnership with a developer. The apartment complex is expected to have 160 units with a mix of affordable and market-rate units.

The public hearing for the ordinance will be held on Feb. 27. Click here for the ordinance.

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