May-10-2010 DCA & HMFA Welcome Lakewood to 'Live Where You Work' Homebuyer Program
DCA & HMFA Welcome Lakewood to 'Live Where You Work' Homebuyer Program
LAKEWOOD TWP. - Lakewood Township Mayor Steven Langert today joined representatives of the New Jersey Housing and Mortgage Finance Agency (HMFA) at the Lakewood Municipal Building, 231 Third Street, to announce that the township is the newest member of the Live Where You Work program. Lakewood is the 30th municipality to partner with the HMFA on this workforce housing initiative.
"Live Where You Work assists hardworking New Jersey residents who are seeking homeownership opportunities," said Department of Community Affairs (DCA) Acting Commissioner Lori Grifa. "Lakewood's decision to join the program demonstrates the township's commitment to improving its residents' quality of life. I invite 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.
"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 Marge DellaVecchia, Executive Director of the HMFA. "Live Where You Work has so much to offer, which is why we're so excited to see another community come on board."
The other 29 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 and Manchester.
"We are extremely happy to bring this program to Lakewood, a growing town with enormous economic opportunities and a wonderful environment in which to live," said Mayor Langert.
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.