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Princeton Borough Officials Recognized By Community Developers Municipal Trust Funds Aid in Creation of Affordable Homes 5/2/2012 Nonprofit community developer Princeton Community Housing (PCH) joined the Housing and Community Development Network of New Jersey to honor Princeton Borough officials at a PCH property today. The event served to recognize the productive use of Princeton Borough's municipal trust fund. "Princeton Borough has always been pro-active when it comes to providing affordable homes," said Sandra Persichetti, executive director of Princeton Community Housing. "They should be commended for the affordable homes they have provided over the years. We are proud to be a partner with the Borough on these three new homes that will be added to the affordable inventory in Princeton.” Through the use of municipal trust fund dollars and other funding sources, PCH will convert vacant and foreclosed townhouses into livable, vibrant, affordable homes. Borough leaders recognized the potential of the underutilized properties and entered into a partnership with PCH make the homes available to income-eligible families. Today's event was held at one of the homes the Borough has partnered with PCH to convert to an affordable rental. The home, currently in foreclosure, will provide a credit towards the Borough's affordable housing obligation upon completion. Another home nearby has already been acquired from an owner who could no longer afford it and is now occupied by a qualified family. "The seller of Six Shirley Court is a young woman in her nineties who has moved into our Harriet Bryan House and has found a whole new life for herself," said Valerie Haynes, member of Princeton Community Housing's Board of Trustees. "Now that she is free of real estate taxes and condo fees, she is able to enjoy her time socializing with her new neighbors." The partnership between PCH and Princeton Borough serves as an example of what a current legislative proposal seeks to accomplish. The NJ Residential Foreclosure Transformation Act would establish a state Foreclosure Relief Corporation, to purchase vacant or abandoned foreclosed residential properties from institutional lenders to enable municipalities and non-profits to use foreclosed properties for very-low, low, and moderate income homes, in part by using resources from local housing trust funds. "There is an overwhelming inventory of foreclosed homes all over our state," said Staci Berger, director of policy and advocacy for the Housing and Community Development Network of New Jersey. "These municipal trust fund dollars can be a big help unloading the burden of foreclosed properties on communities as well as provide affordable homes New Jersey desperately needs." To learn more about the Housing and Community Development Network of New Jersey and its members, visit www.hcdnnj.org. For more information: Nina Arce |
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