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Politics & Government

Township Offering Eight Affordable Housing Condos for Sale

Eligible buyers may be able to purchase a home in Princeton for between $66,000-$260,000.

Looking for an affordable home in Princeton Township?

If you meet certain financial guidelines, you may be in luck.

Princeton Township is seeking eligible buyers for eight condos in its affordable housing program.

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A four-person family may qualify if annual household income is $71,000 or less and total housing costs do not exceed 28 percent of total income.

“Just about anybody who wants to, who falls within the guidelines ought to be able to buy,” said Christy Peacock, the township’s affordable housing coordinator.  

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Available properties include a studio, a one-bedroom condo and six two-bedroom condos. Prices depend on income, but range from $66,000 to $260,000.

The properties are located are at the Griggs Farm development on Route 206 at the intersection of Cherry Valley Road and the Washington Oaks development on Route 206 across from the Jasna Polana golf course.

The township matches eligible sellers and buyers. Buyers pay the mortgage principal and interest, homeowner’s association fees and insurance, sewer payments and possibly private mortgage insurance.

Princeton’s affordable housing program, which has only had three foreclosures since 1984, has an in-depth application process to choose the most qualified buyers.  

“The majority (of buyers) are from New Jersey but we get people from all over the world,” Peacock said, adding that buyers have included students from Princeton and families from as far away as Egypt.  

Affordable housing, which receives no federal funding, was mandated in New Jersey in 1975 by the state supreme court’s Mount Laurel doctrine, requiring all municipalities to provide affordable housing. Princeton has offered affordable housing since the 1930s.

Eight percent of the homes in Princeton Township are categorized as affordable units, according to the 2000 U.S. Census.  

“We have one of the oldest and best (affordable housing) programs in the state,” said Township Committeeman Lance Liverman. “A lot of people are living in Princeton because of affordable housing.”

Applications are available by calling the affordable housing office at 609-688-2029.

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