MOVE-IN READY: Princeton Community Housing’s (PCH) new complex of 25 apartments for very low-, low-, and moderate-income residents is fully completed.

By Anne Levin

When Princeton Community Housing (PCH) was created in 1967 to help provide safe, affordable housing in Princeton, Jim Floyd was among its founders. In recognition of the work the late Floyd and his wife, Fannie, devoted to the nonprofit and the wider community, PCH has named its new 25-unit complex for very low-, low-, and moderate-income apartments in their honor.

The Jim and Fannie Floyd House at Princeton Community Village’s Sassafras Row, off of Bunn Drive, is now open, and its residents have either moved in or are about to do so. A naming and ribbon-cutting this Saturday, October 28 marks the occasion.

“We couldn’t be more proud,” said Kate Bech, PCH’s director of mission advancement. “The building is something to behold. PCH was founded by some pretty visionary people who were committed to the idea of diversity in the community. The trustees today continue to see the importance of that mission, and carry it forward. It is all the more appropriate that the new building is named in honor of two people who worked so hard in this community to advance the work not only of PCH, but of many organizations.”

Floyd was a former Princeton Township committee member, the first Black mayor of Princeton Township, and a longtime vocal advocate of affordable housing. He died in 2018 at the age of 96. Fannie Floyd, who died in 2008 at the age of 84, was involved in many Princeton area civic, social, charitable, and religious organizations for more than 50 years.

Residents in the complex that bears their name occupy five one-bedroom apartments, 14 two-bedroom, and six three-bedroom units. The building is designed to meet or exceed Enterprise Green energy efficiency standards, and includes all electric heating/cooling and capacity for future installation of rooftop solar panels.

“It is very beautifully designed,” said Bech. “It fits into Princeton Community Village very well. I think people will walk away with the impression that this is a high-quality project. There are small details like molding on the doors, which by the way are durable, and have weight to them. This is a building that will last.”

Princeton Community Village includes 71 one-bedroom apartments in the six-story Holly House, as well as 167 townhouses. In addition to the new building, the village has new amenities including additions to the existing Ted Vial Clubhouse; connection to Herrontown Woods trailheads; 42 new trees; and 450 new native plants and shrubs designed to help treat and manage storm water, improve water quality downstream, and minimize flooding issues in the neighborhood.

Residents were chosen by lottery. Moderate income is between 80 and 50 percent of the median area income; low income is 50 percent of less of median income; and very low income is 30 percent or less of median income. The 2023 median area income is approximately $91,000 for a one-person household. PCH serves more than 1,100 residents in 491 affordable rental homes for individuals, families, seniors, and people with disabilities with very low-, low-, and moderate incomes.

“It has incredible implications in the trajectory of these people’s lives,” Bech said. “Only 30 percent of your income goes toward housing costs, so you have the means to invest in your future. That’s like hitting the lottery. That’s the profound, long-term investment in future health and well-being. So, for 25 occupants of these apartments it’s a game-changer, and it changes their lives.”

Jim and Fannie Floyd House is just the latest effort by PCH to provide housing for people who work in Princeton, but can’t afford to live in the town.

“Part of our goal is to uplift the story of what affordable housing is, and why it strengthens our community as a whole,” Bech said. “It allows the community to take care of itself. I think more and more people are gaining a better understanding of that.”