Oct-13-2009 DCA & HMFA Welcome Old Bridge to ‘Live Where You Work’ Homebuyer Program
DCA & HMFA Welcome Old Bridge to ‘Live Where You Work’ Homebuyer Program
OLD BRIDGE - Old Bridge Mayor James T. Phillips today joined New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Marge Della Vecchia at the Municipal Complex, 1 Old Bridge Plaza, to announce that Old Bridge is the newest member of the Live Where You Work Program. The township is the 22nd municipality to partner with the HMFA on this workforce housing initiative.
"I am thrilled that yet another town has signed up for this unique program," Governor Corzine said. "We have been working hard to provide prospective homebuyers with the resources they need to make homeownership in New Jersey a reality. Live Where You Work helps us achieve that goal."
"The program is a key component in maintaining the vitality of our communities, as well as assisting people who are looking for affordable homeownership opportunities," said Department of Community Affairs (DCA) Acting Commissioner Charles A. Richman. "Governor Corzine and I thank Mayor Phillips and Old Bridge Township for their commitment and dedication to working with us. We encourage more municipalities to join the program."
The Live Where You Work Program is a workforce housing initiative that provides low-interest, fixed rate mortgage loans to first-time 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 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.
"Under the Governor’s initiative, the HMFA created Live Where You Work in 2008 and the program has been gaining more and more momentum," said HMFA Executive Director Della Vecchia. "It's a program that just makes sense. Not only does it help the environment and participants' bank accounts, but it improves people’s quality of life by reducing their commute times."
As a result of Old Bridge'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.
"We're excited to bring the Live Where You Work program to Old Bridge and we will encourage people in the community to take advantage of it," said Mayor Phillips. "This is a program that's proven to work in other towns and we're ready to get it started here."
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), Edgewater Park, Cherry Hill and Plainfield 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.