West Windsor’s redevelopment plans just got a little more complicated. The Township Council is reviewing a revised settlement agreement with InterCap Holdings that adds 20 more housing units to the Princeton Junction transit village, bringing the total number to 820. The revision also changes the ratio of affordable housing on site.
The new agreement — meant to satisfy the Fair Share Housing Center’s concerns that there was not enough affordable housing on the site — sets aside 100 of the 820 units for affordable housing — up from only 40, as originally proposed.
Of the 820 total units, 720 would be market rate units with an average of two bedrooms. The remaining 100 units would be affordable units — 50 percent of which would be moderate, 37 percent low, and 12 percent very low priced.
Under the previous agreement, approved in November, the township agreed to allow InterCap to build 800 housing units, 760 of which would be market-rate units with an average of two bedrooms per dwelling. The remaining 40 units would have been moderately-priced affordable housing units.
The revised settlement offer comes just a few weeks after Superior Court Judge Linda Feinberg ordered West Windsor, InterCap, and the Fair Share Housing Center to continue negotiations after an agreement could not be reached at the last court hearing on the matter on June 3.
At that hearing, the Fair Share Housing Center — which has taken the position that having only 5 percent of affordable housing on site is insufficient, and that the number should be 20 percent — said a new settlement offer had been on the table. Feinberg rescheduled the hearing for Thursday, July 7, to allow time for details of a settlement to be worked out.
The revised settlement reflects the Fair Share Housing Center’s willingness to accept an increased ratio to 12.5 percent of affordable on housing on site in exchange for all 100 affordable units to be rentals, explained InterCap CEO Steven Goldin.
"Fair Share Housing was willing to accept a 12.5 percent affordable component (down from their original 20 percent) because they realized that 27 percent of mortgage applications are now being denied nationally, and it would be particularly difficult for their constituents to obtain mortgages, and rental units would be more accessible," said Goldin.