PRINCETON: Money available for low-income home repairs

By Philip Sean Curran, Staff Writer
   The borough says it has $135,000 set aside for low and moderate income residents to renovate their homes.
   The money, collected from developers who did construction projects in town, is doled through forgivable loans, said zoning officer and housing coordinator Derek Bridger.
   The money can be used for such things as repairing roofs or replacing windows, to make what the borough called “health and safety improvements” and to correct building code violations.
   ”It kind of helps folks fix up their homes and stay in town,” Mr. Bridger said in an interview. “For elderly people, we like to think that it helps people age in place by letting them stay in town a little longer without having to shell out (money) out of pocket for some of these maintenance items.”
   To be eligible for the program, residents must meet income guidelines set down by the Council on Affordable Housing. They also must provide a copy of the property deed and have all their property taxes “current,” according to the borough.
   As long the recipients live in the property for 10 years, “there’s no repayment,” Mr. Bridger said of the loans. “But if you sold your house within the 10-year-period, you would have to pay it back.”
   The council uses census data to determine how many low and moderate housing units need to be rehabilitated in each municipality. In the borough’s case, that number is 52. While there is not enough money to renovate that many units during this go-around, Mr. Bridger said he hoped to get at least 10 to 11 units done.
   The borough hired Rehabco Inc. to administer the program. Mr. Bridger said the Brick-based planning firm must provide the borough with a report documenting all the work. A Rehabco representative did not return a phone call seeking comment.
   To learn more about the voluntary program, visit the official borough website at www.princetonboro.org.