In a special meeting on Dec. 18, Princeton Council approved a resolution accepting a long-awaited settlement with the Fair Share Housing Center over the municipality’s affordable housing obligations.
The agreement, which now must be approved in Superior Court, obligates Princeton to build 1,394 affordable units and make renovations and repairs to 80 others. But taking into account renovations that have already occurred and units built since 1999, the net numbers for the town are 537 new units and 75 units to be rehabilitated, all before 2025.
The agreement also calls for changes to zoning ordinances requiring set-asides for affordable housing in new residential developments and creating three new affordable housing overlay districts.
It also sets the stage for the redevelopment of Princeton Shopping Center to include 44 affordable rental units, 24 new affordable units at PrinceÂton Community Village, and the redevelopment of Maple Terrace, off Franklin Avenue, to include 80 affordable units, among other additions to Princeton’s affordable housing stock.
