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DCA And HMFA Welcome Elizabeth as Newest Member Of Live Where You Work Homebuyer Program
Elizabeth Is 4th Municipality to Partner with Agencies on Program
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ELIZABETH – Elizabeth Mayor Chris Bollwage and Housing and Mortgage Finance Agency (HMFA) Executive Director Marge Della Vecchia joined Department of Community Affairs’ (DCA) Commissioner Joseph Doria today at 182 Front Street on the Waters Edge Development Complex, to announce that Elizabeth is the newest member of the Live Where You Work Program. Elizabeth is the 4th municipality to partner with HMFA on the program.
“Live Where You Work is a key component in Governor Corzine’s efforts to provide work force housing to the residents of New Jersey,” said Commissioner Doria. “Mayor Bollwage and Elizabeth should be commended for their commitment to the residents of this city and I encourage more municipalities to join the program.”
The Live Where You Work Program is a work force housing initiative that provides low-interest mortgage loans to homebuyers purchasing homes in towns where they are employed. Other benefits include down payment and closing cost assistance for the purchase of a home within Smart Growth Areas and flexible underwriting criteria for the loan qualification process. Homes must be located in a municipality that has become a Live Where You Work partner with HMFA. The Live Where You Work initiative further enhances Governor Corzine’s efforts to revitalize and build sustainable communities that will provide a greener environment, access to transportation and affordable housing opportunities for residents.
“Easily accessible, the City of Elizabeth contains diverse, unique and wonderful communities offering the best of everything,” said Mayor Bollwage. “From recreational opportunities to fine dining and entertainment, the City of Elizabeth is a great place to live, work and raise a family.”
As a result of this partnership, people working in Elizabeth who are interested in buying a home in the City will be able to take advantage of the Live Where You Work program incentives. Live Where You Work is administered by the HMFA, a DCA affiliate. Trenton, Jersey City and Woodbridge are all taking part in the program.
“Here in Elizabeth, this is a program that really makes sense. Elizabeth has long been a great city for both living and working,” said Marge DellaVecchia. “Now with the incentive program and stable NJ HMFA mortgage available, it makes it even more attractive to do both here. Being close to work cuts down on commuting time, is a way to save money, develop a closer connection to the town and get an affordable and reliable mortgage. It is the perfect mix!”
To learn about how to get a Live Where You Work mortgage, please call 1-800-NJHOUSE. For more information about how municipalities can join Live Where You Work, please call 609-278-7478. Or, you can visit the Live Where You Work website at www.livewhereyouwork.nj.gov.
