Princeton Borough and Township moved one step closer Tuesday to memorializing state-mandated affordable housing plans stretching through 2014.
A subcommittee of the Regional Planning Board of Princeton agreed to forward the two plans to the full Planning Board for a December 12 hearing. If the plans receive Board approval, they will then go back to the respective governing bodies for full adoption.
The Borough is scheduled to either endorse or reject the plan at its December 13 session.
The municipalities have until December 20 to submit their plans for review by the state's Council on Affordable Housing (COAH).
Implementation aside, the end is in sight for the process that has preoccupied both towns, especially the Borough, for the better part of this year.
Under the new mandates, the Borough is obligated to produce about 97 affordable units over the next 10 years. There are four mechanisms that induce an increased level of affordable housing: the current 20 percent set-aside; the cash contribution requirement at the rate of one unit for every eight built if a developer builds four or fewer units; the stipulation that one unit be built for every 25 jobs created; and that any new zoning districts created by the Borough will have to include a 20 percent set-aside for affordable housing.
The Borough also currently implements an overlay zone that requires any residential development consisting of five or more units to set aside 20 percent for affordable housing or funding for affordable housing activities.
Princeton University's projected development would require 38 housing units, Ms. Bishop said, but that number could be reduced if COAH reconsiders requirements for tax exempt institutions and for development that does not necessarily fall into COAH's job-growth formula.
The Township, on the other hand, is required to provide 118 affordable units retroactive from 2004 through 2014. Township affordable housing consultant Elizabeth McKenzie said that much of the requirement was based on certificates of occupancy issued during 2004 and 2005 and will be based on building approvals already given.
The Township, however, has already potentially fulfilled more than half of its obligation with the 56 units slated for Elm Court II on Elm Road, five assisted-living units at Acorn Glen, two Habitat for Humanity projects, and one rehabilitation project.
The University, Ms. McKenzie said, would create 32 units in the Township, but, she added, that number could change.