ARE PRINCETON TOWNSHIP’S AFFORDABLE HOUSING PROPERTIES DEED RESTRICTED?
All of Princeton Township’s Affordable sales properties have deed restrictions that impact the property. Some of the most important deed restrictions are: A) the homeowner(s) must occupy the property full-time and permanently. The property may not be rented or leased to anyone without the Housing Board’s permission, which is given only for specific hardship situations. No one may occupy the property, not even household members, unless the homeowner occupies the property as well, on a full-time permanent basis. B) the Homeowner’s borrowing capacity is limited. The amount of money that may be borrowed or refinanced, using the property as collateral, is determined by the Affordable Housing Coordinator. C) the resale price is a restricted amount, as calculated from the original purchase price plus appreciation, and may be more or less than the new purchase price. If the purchase price is less than the resale price, the Township will contribute to the purchase price. If the purchase price i
Related Questions
- Among the purposes of PETRA is to preserve affordable housing for the long term, yet during Phase One, it seems that only some multifamily properties are eligible to convert. Why is that?
- Where can I find information on investing in affordable housing properties?
- ARE PRINCETON TOWNSHIP’S AFFORDABLE HOUSING PROPERTIES DEED RESTRICTED?
