DCA & HMFA Welcome Old Bridge to "Live Where You Work" Homebuyer Program
For Immediate Release:
October 13, 2009
Contact:
Lisa Ryan
(609) 292-6055
Old Bridge Township Is 22nd Municipality to Partner with Agencies on Program
鈥淚 am thrilled that yet another town has signed up for this unique program,鈥 Governor Corzine said. 鈥淲e have been working hard to provide prospective homebuyers with the resources they need to make homeownership in 樱花视频 a reality. Live Where You Work helps us achieve that goal.鈥
鈥淭he program is a key component in maintaining the vitality of our communities, as well as assisting people who are looking for affordable homeownership opportunities,鈥 said Department of Community Affairs (DCA) Acting Commissioner Charles A. Richman. 鈥淕overnor Corzine and I thank Mayor Phillips and Old Bridge Township for their commitment and dedication to working with us. We encourage more municipalities to join the program.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.
鈥淯nder the Governor鈥檚 initiative, the HMFA created Live Where You Work in 2008 and the program has been gaining more and more momentum,鈥 said HMFA Executive Director Della Vecchia. 鈥淚t鈥檚 a program that just makes sense. Not only does it help the environment and participants鈥 bank accounts, but it improves people鈥檚 quality of life by reducing their commute times.鈥
As a result of Old Bridge鈥檚 partnership with the HMFA, people working in the township who are interested in buying a home in the community will be able to take advantage of Live Where You Work program incentives.
鈥淲e鈥檙e excited to bring the Live Where You Work program to Old Bridge and we will encourage people in the community to take advantage of it,鈥 said Mayor Phillips. 鈥淭his is a program that鈥檚 proven to work in other towns and we鈥檙e ready to get it started here.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 and Plainfield 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 .