Feb-18-09 DCA & HMFA Welcome Bayonne to Live Where You Work Homebuyer Program
DCA & HMFA Welcome Bayonne to Live Where You Work Homebuyer Program
BAYONNE – Bayonne Mayor Mark A. Smith today joined Department of Community Affairs (DCA) Commissioner Joseph Doria and Housing and Mortgage Finance Agency (HMFA) Executive Director Marge Della Vecchia in City Council chambers at 630 Avenue C to announce that Bayonne is the newest member of the Live Where You Work Program. The city is the 10th municipality to partner with HMFA on the program.
"Live Where You Work is an important component in meeting Governor Corzine's goal of providing hardworking New Jersey residents with quality housing in good neighborhoods," said Commissioner Doria. "This program supports the American Dream of home ownership. I thank Mayor Smith and Bayonne for their commitment to the city's residents and I encourage more municipalities to join the effort."
The Live Where You Work Program is a workforce housing initiative that provides low-interest, fixed rate 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 alternative transportation and affordable housing opportunities for residents.
"The Live Where You Work program in Bayonne is exactly what we hope for," said HMFA Executive Director Marge Della Vecchia. "This is a program about building communities and Bayonne is the perfect place for that to happen. It is a well-located city that offers tremendous opportunities for people who work in Bayonne to live in Bayonne."
As a result of this partnership, people working in Bayonne 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, Woodbridge, Elizabeth, Atlantic City, Rahway, Morristown, Evesham and Neptune Township are all taking part in the program.
"The City of Bayonne looks forward to working with the New Jersey Department of Community Affairs, the New Jersey Housing and Mortgage Finance Agency, and local employers to promote home ownership in Bayonne," said Mayor Smith. "Our hometown is a great place to live, work, and do business."
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.