July-29-2009 DCA & HMFA Welcome Newark to Live Where You Work Homebuyer Program
DCA & HMFA Welcome Newark to Live Where You Work Homebuyer Program
NEWARK - Newark Mayor Cory A. Booker today joined New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Marge DellaVecchia in the rotunda of City Hall, 920 Broad Street, to announce that Newark is the newest member of the Live Where You Work Program. The city is the 17th municipality to partner with the HMFA on the program.
"This is a program that makes so much sense in today's market and economy," said HMFA Executive Director Marge Della Vecchia. "Living close to work cuts down on commuting time and is a way to save money and develop a closer connection to the community. Add to that an affordable and reliable mortgage and Live Where You Work is the perfect mix."
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 transportation and affordable housing opportunities for residents.
As a result of the city's partnership with the HMFA, people working in Newark who are interested in buying a home in the city will be able to take advantage of 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, Neptune Township, Bayonne, Carteret, New Brunswick, Paterson, Glassboro, Orange and Keyport are all taking part in the program.
"By partnering with the HMFA to become the newest member of the Live Where You Work Program we are supporting common goals to expand housing opportunities for hard working families throughout the region," said Mayor Booker. "This new program comes at a perfect time as homeownership has not been as affordable as it is today in many years. Whether you are a renter living and working in the City, waiting to buy a new single family home, or commuting from outside the City and looking to live in a new downtown loft, this program can help you achieve your goals. We are very pleased that HMFA is partnering with us and the major employers in the City, such as Horizon BC/BS, to make this program available in our City."
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.