DCA & HMFA Welcome Passaic to Live Where You Work Homebuyer Program
For Immediate Release:
October 26, 2009
Contact:
Lisa Ryan
(609) 292-6055
City of Passaic Is 23rd Municipality to Partner with Agencies on Program
鈥淭丑别 program advances my administration鈥檚 goal of assisting hardworking families who wish to participate in the 鈥楢merican Dream鈥 of owning their own home,鈥 Governor Corzine said. 鈥淚t also helps families save money, cut down on commuting time, and develop a closer connection to the town in which they live.鈥
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鈥檚 efforts to revitalize and build sustainable communities that encourage greener environments, access to public transportation and affordable housing opportunities for residents.
鈥淭丑别 HMFA created Live Where You Work in 2008 and the program has taken off,鈥 said HMFA Executive Director Marge Della Vecchia. 鈥淕overnor Corzine and I thank Mayor Blanco and the City of Passaic for their commitment and dedication to working with us. As always, we encourage more municipalities to join the program.鈥
As a result of Passaic鈥檚 partnership with the HMFA, people working in the city who are interested in buying a home in the community will be able to take advantage of Live Where You Work program incentives.
鈥淭丑别 Live Where You Work program is important for our city, increasing access to home ownership for the hard working families of Passaic,鈥 said Mayor Blanco. 鈥淢y administration is working hard to improve our ability to offer affordable and desirable housing for Passaic families.鈥
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, Plainfield and Old Bridge 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 .