Princeton University announced that it will be donating more than $50 million to the municipality of Princeton and its non-profit organizations and lower- to middle-income residents for over five years.

The financial contributions will help support the collective interests of the community, which include the following: college access, sustainability and resiliency, socioeconomic diversity and equity, safety and emergency services, mass transit and municipal infrastructure.

"These financial contributions to the municipality, local nonprofit organizations and residents reflect the University's long-standing commitment to support the vibrancy of the Princeton community that we call home," said Princeton president Christopher L. Eisgruber.

"We are pleased to advance these shared priorities in collaboration with local government and nonprofit organizations to provide meaningful services and resources across our community," Eisgruber continued.

The new framework will support the following projects and programs over the next five years. This includes $28.2 million in unrestricted cash contributions and $11.3 million to specific municipal projects.

Moreover, the University will also provide $10.8 million to help local agencies and aid lower- and middle-income residents.

These programs will allow eligible households to gain scholarships and housing initiatives through rental assistance.

University vice president and secretary Hilary Parker said they have engaged in collaborative discourses to help its constituents: "We took a new approach in developing this framework, engaging in a series of collaborative conversations to identify shared priorities for University support. We think the outcome is a positive one for the municipality, the University and the residents of Princeton, and we are grateful to our municipal partners for the thoughtful and rigorous discussion we have had over many months."

"As we advance the University's teaching and research mission, we have a strong interest in strengthening our regional ecosystem to enhance the quality of life and economic well-being of our host community, the surrounding region and the state of New Jersey," she added.

Apart from aiding the municipality and nonprofit organizations, the University will continuously support the Princeton community and its local businesses through more contributions and partnerships.

Princeton University is currently the largest taxpayer in Princeton and the second largest taxpayer in Mercer County.