DCA & HMFA Welcome Paterson To Live Where You Work Homebuyer Program
For Immediate Release:
May 22, 2009
Contact:
Chris Donnelly
(609) 292-6055
Paterson Is 13th Municipality to Partner with Agencies on Program
鈥淟ive Where You Work complements Governor Corzine鈥檚 efforts to reduce traffic congestion, revitalize neighborhoods and, most importantly, assist hardworking residents who want to buy homes,鈥 said Commissioner Doria. 鈥淭he goal of this program is to build stronger, more connected communities. I thank Mayor Torres and Paterson for their commitment to the borough鈥檚 residents and I encourage more municipalities to join the effort.鈥
The Live Where You Work Program is a workforce housing initiative that provides low-interest, fixed 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 strives to revitalize and build sustainable communities that will provide a greener environment, access to alternative transportation and affordable housing opportunities for residents.
鈥淭his is a program that makes so much sense in today鈥檚 economy because living close to work reduces commuting time, which is a way to save money,鈥 said HMFA Executive Director Marge Della Vecchia. 鈥淟ive Where You Work is also about strengthening people鈥檚 connection with their community. Paterson is a great place for this to happen because it is a city that offers tremendous opportunities for people who work in Paterson to live in Paterson.鈥
As a result of this partnership, people working in Paterson who are interested in buying a home in the city 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, Rahway, Morristown, Evesham, Neptune Township, Bayonne, Carteret and New Brunswick are all taking part in the program.
鈥淭he calamity of our economic crisis has altered the American dream. Programs such as Live Where You Work are now affording people the opportunity to become homeowners,鈥 said Mayor Torres. 鈥淭herefore, don鈥檛 give up on your American dream. I encourage you to purchase a home in the City of Paterson, under the Live Where You Work Program, and make your homeownership dream a reality.鈥
To learn about how to get a Live Where You Work mortgage, please call 1-800-NJHOUSE.聽For more information about how municipalities can聽join Live Where You Work, please call 609-278-7478.聽Or, you can visit the Live Where You Work website at聽.