Sep-15-2009 DCA & HMFA Welcome Cherry Hill to 'Live Where You Work' Homebuyer Program
DCA & HMFA Welcome Cherry Hill to 'Live Where You Work' Homebuyer Program
CHERRY HILL TWP. – Cherry Hill Township Mayor Bernie Platt today joined New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Marge Della Vecchia at the Township Municipal Building, 820 Mercer Street, to announce that Cherry Hill is the newest member of the Live Where You Work Program. Cherry Hill is the 20th municipality to partner with the HMFA on this workforce housing initiative.
"Cherry Hill has always been a fantastic place to buy a home. Now, Live Where You Work makes it even more affordable and compelling," said HMFA Executive Director Della Vecchia. "The program advances Governor Corzine's goal of assisting hard-working families who wish to live out the 'American Dream' of owning their own home and it helps families save money, cut down on commuting time, and develop a closer connection to the town in which they live."
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 Cherry Hill'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.
"Live Where You Work is a true win-win for Cherry Hill and our vibrant business district that employs thousands of individuals throughout the region," said Mayor Platt. "This program is beneficial to us because it builds community with individuals who already have vested stake in our town by being employed here, and gives those same individuals a shorter commute to work, allowing us to shrink our collective carbon footprint. We are looking forward to promoting this program in the future so our nurses, teachers and police officers can gain new financial incentives, through HMFA, to buy a home in Cherry Hill."
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, Washington Township (Gloucester County), and Edgewater Park Township 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.