Jun-11-2010 DCA & HMFA Welcome East Orange to 'Live Where You Work' Homebuyer Program
DCA & HMFA Welcome East Orange to 'Live Where You Work' Homebuyer Program
EAST ORANGE - East Orange Mayor Robert Bowser today joined Housing and Mortgage Finance Agency (HMFA) Executive Director Marge Della Vecchia at City Hall, 44 City Hall Plaza, to announce that the City is the newest member of the Live Where You Work program. East Orange is the 32nd municipality to partner with the HMFA on this workforce housing initiative.
"Live Where You Work assists hard working New Jersey residents who are seeking homeownership opportunities and helps maintain the vitality of our communities," said Department of Community Affairs (DCA) Commissioner Lori Grifa. "I commend Mayor Bowser and East Orange officials for their commitment to improving their city's quality of life and I 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 an effective program on so many levels. It helps people buy their first home, save money and reduce their commuting time to work. It also advances the larger goal of encouraging community revitalization through increased homeownership," said Marge Della Vecchia. "There is a reason why more than 30 municipalities have decided to participate in Live Where You Work. The program makes sense, especially in today’s economy."
The other 31 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 and Freehold Borough.
"This is a great opportunity to encourage people to remain in East Orange by helping them with their goal to obtain affordable housing within the City," stated Mayor Bowser. "Programs like these are an excellent way to provide sustainability within our communities."
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.