The town of Princeton won against an affordable housing lawsuit filed by AvalonBay last summer after the state Superior Court sided with the town.
According to nj.com, 56 out of 280 housing units being built by Avalon Bay in Witherspoon Street "should remain below market rate for a minimum of 30 years" and after then, the town can decide whether to raise the prices or not.
However, AvalonBay filed the lawsuit because they claim that the agreement between the developer and the town will allow the houses to be affordable for the maximum of 30 years. AvalonBay used the Princeton Borough ordinance on 1997 where "affordable units must stay below market rate for 30 years." AvalonBay is also saying that the house units must be affordable for 30 years and should have above market rate after the 30- year mark.
The Princeton, in contrary, believed that "the agreement AvalonBay signed states 30 years is the minimum time for the units to remain below market rate."
Judge Mary Jacobson was the one who ruled out the decision and stood firm that Princeton was the one standing on the right end of the agreement. Princeton attorney Trishka Cecil also said "the town will not necessarily decide to keep the units below market rate but that, according to the agreement signed by AvalonBay, the town should have the chance to reevaluate the price of the units in 30 years."
In a report by centraljersey.com, Princeton officials had also argued that the decision whether to keep the houses available at below- market prices lies on the municipal officials after the minimum of 30 years was through is included in the agreement AvalonBay agreed and signed to.
However, AvalonBay senior vice-president Ronald Ladell is planning to file for an appeal as they were allegedly forced to cooperate and sign the agreement "under duress or risk not getting its necessary permits to build the 280-unit project at the former University Medical Center site."
What are your thoughts about the court's decision of siding with Princeton officials? Share it in the comments!
