Affordable Housing Update
July 10, 2019 Update:
Princeton’s obligation remains the same at 753 affordable units. We had already built 256 homes for which we will receive credit. We are also eligible for a sizable number of bonus credits – the exact number of which will depend on the final specifications of our ultimate plan. As a result of our negotiations with Fair Share Housing Center,there have been a number of changes to the draft plan presented to the public back in May of 2018. Unfortunately, although we are close, we have not yet reached a final settlement and therefore, we are precluded from sharing details of those discussions or our proposed plan at this time. However, we continue to feel that it is important to be as open and transparent as possible. As has already been publicly discussed,one addition to the plan is the former SAVE site, which will produce 64 affordable homes in a 100% affordable development.
In addition, the town has been in discussions with Avalon Bay. The company has recently become the contract purchaser of the property on Thanet Circle. We are discussing a number of options for including affordable housing as part of any future development there.
We have also been in communication with the school district so we can jointly plan for impacts. We are exploring all options available to us to assemble a plan that meets our obligations while supporting the goals of economic diversity, adequate housing for our seniors, and development rooted in smart growth principles: building in areas with access to transit, shopping, and jobs.
We want to be as open as possible as our plans develop , without compromising any of our fiduciary and legal responsibilities. This plan has taken longer to get approved than anyone expected. We think we are finally closing in on a final plan. We will do our best to keep the public informed to the best of our ability in the weeks and months to come.
March 8, 2018 Update:
We are glad that a decision has been reached so that we can focus our time and dollars into creating opportunities for more affordable housing. Princeton has long been committed to building affordable housing and this commitment shows in the fact that we have already made significant progress in meeting the obligation set by the court through projects such as Avalon Bay, Merwick Stanworth and others. The obligation number set by Judge Jacobson is well within the range of what we were expecting, and we feel confident we will be able to present a plan to the court that meets that obligation, adds needed diversity, and energizes our local economy through smart growth planning.