Feb-19-2010 DCA & HMFA Welcome Gloucester City to 'Live Where You Work' Homebuyer Program
DCA & HMFA Welcome Gloucester City to 'Live Where You Work' Homebuyer Program
GLOUCESTER CITY - Gloucester City Mayor William James today joined representatives of the New Jersey Housing and Mortgage Finance Agency (HMFA) at the Community Center, 230 Nicholson Road, to announce that the City is the newest member of the Live Where You Work program. Gloucester City is the 27th municipality to partner with the HMFA on this workforce housing initiative.
"Live Where You Work will assist those hard working New Jersey residents who are seeking homeownership opportunities and is a key component to maintaining the vitality of our communities," said Department of Community Affairs (DCA) Acting Commissioner Lori Grifa. "I commend Mayor James and the City of Gloucester for their commitment to working with us and we encourage more municipalities to join the program."
The Live Where You Work program provides low-interest, fixed rate mortgage loans to first-time homebuyers purchasing homes in towns where they are employed. Homes must be located in a municipality that has become a Live Where You Work partner with the HMFA, which is an affiliate of the DCA. 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.
"Live Where You Work is a program that makes so much sense in today's economy, and we are thrilled to see Gloucester City participate," said Marge DellaVecchia, Executive Director of the HMFA. "The program has so much to offer participating communities, which is why we're so excited to see it gaining momentum."
The other 26 municipalities participating in the Live Where You Work program include: 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), Edgewater Park, Cherry Hill, Plainfield, Old Bridge, Passaic, Belmar, Asbury Park, and Pemberton.
"We are pleased to become a Live Where You Work partner. Great things are happening in Gloucester City and this program will certainly benefit our community," said Mayor William James. "By providing our employees with an incentive to live and work in the City, will ultimately make them invested both personally and professionally."
In October 2009, Live Where You Work received the 2009 President's Award for Innovation from the Council of State Community Development Agencies, a national association that supports state efforts in community development, affordable housing, local economic development and state-local relations. The award recognizes innovative activities, policies or programs that have been implemented at the state level and have demonstrated success in solving community needs.
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.