faq

How is the program unique?

Princeton’s Affordable Housing Purchase Program is unique in several ways: 1. the Purchase price is based directly on gross household income, unless the income falls below Princeton’s minimum income guidelines to purchase. 2. Princeton markets all properties, and facilitates all transactions between sellers and purchasers. 3. Princeton will purchase the unit after a period of time if no income-eligible buyers from the wait-list can be qualified. Princeton will then remarket the property. 4. the homeowner’s resale price is the original purchase price plus the appreciation as calculated from the median differential from the point of purchase to the time of resale. 5. the Township may offer loans to qualified purchasers to help offset downpayments and/or closing costs.

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