May-11-09 DCA & HMFA Welcome New Brunswick to Live Where You Work Homebuyer Program
DCA & HMFA Welcome New Brunswick to Live Where You Work Homebuyer Program
NEW BRUNSWICK - New Brunswick Mayor Jim Cahill today joined Department of Community Affairs (DCA) Commissioner Joseph Doria and New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Marge Della Vecchia at Fulton Square, a new residential development at Remsen Avenue and Hickory Drive, to announce that New Brunswick is the newest member of the Live Where You Work Program. The city is the 12th municipality to partner with HMFA on the program.
"Live Where You Work is an important component in meeting Governor Corzine's goal of providing hardworking New Jersey residents with quality housing in good neighborhoods," said Commissioner Doria. "This program supports the American Dream of home ownership. I thank Mayor Cahill and New Brunswick for their commitment to the city's residents and I encourage more municipalities to join the effort."
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 strives to revitalize and build sustainable communities that will provide a greener environment, access to alternative transportation and affordable housing opportunities for residents.
"We are pleased to have New Brunswick as one of our LWYW communities," said HMFA Executive Director Marge Della Vecchia. "With its central location and proximity to employment centers located here, it is a real opportunity for local residents to become homeowners at a time when we want to support homeownership."
As a result of this partnership, people working in New Brunswick who are interested in buying a home in the city will be able to take advantage of the 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 and Carteret are all taking part in the program.
"New Brunswick residents enjoy a wide assortment of parks, stores, and restaurants, our Cultural District that is home to three theatres, new public schools, unparallel cultural diversity and access to multiple forms of public transportation," Mayor Cahill said. "This program will make it easier for the growing number of people who are already choosing to work in our great city to free themselves from their daily commute and live in New Brunswick."
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.