August-9-2011 DCA & HMFA Welcome City of Camden to 'Live Where You Work' Program
DCA & HMFA Welcome City of Camden to
'Live Where You Work' Program
Camden Is 38th Municipality to Partner with Agencies on Program
CAMDEN, N.J. – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony Marchetta today joined city officials at City Council Chambers in Camden City Hall, 520 Market Street, to announce that the city is the newest member of the Live Where You Work program. The City of Camden is the 38th municipality to partner with the HMFA on this housing initiative.
"The City's revitalization efforts will be considerably strengthened through the Live Where You Work program, which fosters active city life and helps create a citizenry that is personally and professionally invested in the future of Camden," said New Jersey Department of Community Affairs (DCA) Commissioner Lori Grifa, who is Chair of the HMFA Board. "Camden has several attractive neighborhoods and offers a number of affordable housing options. The City's decision to join the program demonstrates its commitment to improving its residents' quality of life."
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 affiliated agency 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. The HMFA can also work with participating municipalities to develop additional incentives for homebuyers, such as credit counseling, partnerships with local lenders and community discounts.
"This program helps revitalize and build sustainable communities by providing affordable and reliable mortgages for residents and encouraging greener environments and alternative transportation options," said HMFA Executive Director Anthony L. Marchetta. "Live Where You Work has so much to offer, which is why we’re so excited to see Camden come on board."
The other 37 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, Pemberton, Gloucester City, Voorhees, Manchester, Lakewood, Freehold Borough, East Orange, Red Bank, Collingswood, Middletown , Bridgeton and Haddon Township.
"I am proud to involve the City of Camden in the Live Where You Work program," Camden City Mayor Dana L. Redd said. "This initiative like this truly helps build strong communities and revitalize our city by introducing our local work force to a multitude of housing opportunities right here in Camden."
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.