All of Princeton’s Affordable sales properties have deed restrictions that impact the property. Some of the most important deed restrictions are:
A) the Homeowner(s) must occupy the property full-time and permanently. No one may occupy the property, not even other household members, unless the Homeowner occupies the property as well, on a full-time, permanent basis and receives permission from the Housing Board.
B) the Homeowner’s borrowing capacity is limited. The amount of money that may be borrowed or refinanced, using the property as collateral, is determined by the State and Municipal regulations. The Manager calculates the permissible borrowing capacity.
C) the resale price is a restricted amount, as calculated from the original purchase price, plus appreciation, and may be more or less than the new purchase price. Princeton receives a share of the appreciation. If the purchase price is less than the resale price, Princeton will contribute to the purchase price. If the purchase price is more than the resale price, Princeton will recapture the difference.