New Jersey Housing and Mortgage Finance Agency

DCA & HMFA Welcome Morristown to Live Where You Work Homebuyer Progr

For Immediate Release:
January 7, 2009
Chris Donnelly
(609) 292-6055

Morristown Is 7th Municipality to Partner with Agencies on Program

MORRISTOWN –Morristown Mayor Donald Cresitello today joined Housing and Mortgage Finance Agency (HMFA) Executive Director Marge Della Vecchia at 200 South Street, to announce that Morristown is the newest member of the Live Where You Work Program.  Morristown is the 7th municipality to partner with HMFA on the program.

“Governor Corzine is dedicated to providing New Jersey residents with the workforce housing they need,” said Department of Community Affairs Commissioner Joseph Doria.  “This program will greatly assist in that effort.  Mayor Cresitello and Morristown should be commended for their commitment to the residents of this city and I encourage more municipalities to join the program.”

The Live Where You Work Program is a work force housing initiative that provides fix rate market 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 further enhances Governor Corzine’s efforts to revitalize and build sustainable communities that will provide a greener environment, access to transportation and affordable housing opportunities for residents.

“We are pleased to have Morristown as one of our LWYW communities,” said Marge Della Vecchia.  “With its proximity to transit and the employment centers located here, it is a real opportunity for local residents to become homeowners in a time when we want to support homeownership.”

As a result of this partnership, people working in Morristown who are interested in buying a home in the town 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, and Rahway are all taking part in the program.

“Centrally located, Morristown is composed of many, beautiful neighborhoods with all types of homes from historic Victorian estates to modern mid-rise condos offering the best of everything,” said Mayor Cresitello.  “From recreational opportunities to fine dining and entertainment, Morristown is a great place to live, work and raise a family.”

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