August-25-2011 DCA & HMFA Welcome Franklin Township to ‘Live Where You Work’ Program
DCA & HMFA Welcome Franklin Township to
'Live Where You Work' Program
Franklin Township in Somerset County Is 39th Municipality to Partner with Agencies on Program
FRANKLIN TWP, N.J. – New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Anthony Marchetta today joined Franklin Township Mayor Brian D. Levine and other officials at the Township Municipal Building at 475 DeMott Lane to announce that the township is the newest member of the Live Where You Work program. Franklin Township is the 39th municipality to partner with the HMFA on this housing initiative.
"Franklin Township's diversity of people, places and things to do makes the community an interesting place to live, work and play. The Live Where You Work program will only add to the township's appeal," said New Jersey Department of Community Affairs (DCA) Commissioner Lori Grifa, who is Chair of the HMFA Board. "The program's overall goal is to build stronger communities by promoting homeownership and encouraging people to live closer to their jobs. Having workers move in as residents will contribute to the township's economy and overall 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.
"We are delighted to include Franklin Township as one of our Live Where You Work communities," said HMFA Executive Director Anthony L. Marchetta. "With its historic neighborhoods, parks and cultural diversity, the township is providing a great opportunity for local residents to become homeowners at a time when we want to support homeownership."
The other 38 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, Haddon Township, and Camden.
"Live Where You Work is a great program that we worked hard to bring to Franklin Township. In today's economic climate, it's all about the dollars and helping people find ways to pay their bills," said Councilman Carl Wright, vice chair of the township's redevelopment agency. "This program benefits everyone from teachers to public works employees to merchants. Whenever the township can help put extra money in people's pocket, we're going to do it."
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.
The HMFA also operates NJ Housing Resource Center, which is a free online housing information clearinghouse that offers a searchable registry of affordable housing opportunities. Homebuyers interested in looking at houses in designated Live Where You Work communities can use the clearinghouse to search for a home. People can access the Housing Resource Center website at www.njhousing.gov.