Sep-14-2009 DCA & HMFA Welcome Edgewater Park to 'Live Where You Work' Homebuyer Program
DCA & HMFA Welcome Edgewater Park to 'Live Where You Work' Homebuyer Program
EDGEWATER PARK TWP. - Edgewater Park Township Mayor Donna Mount today joined New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Marge Della Vecchia at the Mildred Magowan School, 415 Cherrix Avenue, to announce that Edgewater Park is the newest member of the Live Where You Work Program. Edgewater Park is the 19th municipality to partner with the HMFA on this workforce housing initiative.
"Live Where You Work complements the efforts of Governor Corzine to revitalize communities. The program promotes homeownership and makes it possible for people to live closer to their jobs," said HMFA Executive Director Della Vecchia. "Mayor Mount and Edgewater Park are to be commended for their commitment to the residents of this township and more municipalities are encouraged to join the program.
Executive Director Della Vecchia expressed that the HMFA believes that now is a great time to buy a home and that Live Where You Work can make homeownership a reality for many families.
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. Additional program 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, which is an affiliate of the Department of Community Affairs (DCA). The Live Where You Work initiative further enhances Governor Corzine’s efforts to revitalize and build sustainable communities that encourage greener environments, access to public transportation and affordable housing opportunities for residents.
As a result of Edgewater Park's partnership with the HMFA, people working in the township who are interested in buying a home in the community will be able to take advantage of Live Where You Work program incentives.
"Many residents of Edgewater Park who have grown up here have decided to come back to the community to both work and raise their families, myself included," said Mayor Mount. "We are looking at this as a way to help those families that have been in Edgewater Park for a number of years and those that are new to our community. We have several new, young teachers starting out in our schools and it would be great for them to take advantage of this program by purchasing homes in Edgewater Park."
Live Where You Work is administered by the HMFA. Trenton, Jersey City, Woodbridge, Elizabeth, Atlantic City, Rahway, Morristown, Evesham, Neptune Township, Bayonne, Carteret, New Brunswick, Paterson, Glassboro, Orange, Keyport, Newark, and Washington Township (Gloucester County) are all taking part in the program.
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.