Oct-30-08 DCA & HMFA Welcome Atlantic City to Live Where You Work Homebuyer Program
DCA & HMFA Welcome Atlantic City to Live Where You Work Homebuyer Program
Atlantic City is Fifth Municipality to Partner with Agencies on Program
ATLANTIC CITY, N.J. – Atlantic City Mayor Scott K. Evans joined representatives from the Housing and Mortgage Finance Agency (HMFA) at Proceida Homes, located at 724 Baltic Avenue, to announce that Atlantic City is the newest member of the Live Where You Work Program. Atlantic City is the fifth municipality to partner with HMFA on the program.
“Live Where You Work is a key component in Governor Corzine’s efforts to provide work force housing to the residents of New Jersey,” said Department of Community Affairs Commissioner (DCA) Joseph Doria. “Mayor Evans and Atlantic City 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 low-interest 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.
“This is a program that makes so much sense in today’s market and economy,” said Marge DellaVecchia, Executive Director of the HMFA. “Now, Live Where You Work makes it even more affordable and compelling. It is a way to save money, cut down on commuting time, strengthen our communities, increase community involvement through home ownership and get an affordable and reliable mortgage. It is the perfect mix!”
As a result of this partnership, people working in Atlantic City 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 and Elizabeth are all taking part in the program.
“We are very pleased to have the opportunity to offer a program to the people who work in our city,” said Mayor Evans. “They deserve the right and ability to obtain comfortable, safe, well maintained and readily accessible housing in close proximity to their jobs. We are working towards a greener approach to making the City of Atlantic City a better place not only for our present residents, but also for those who will relocate here as a result of this innovative new 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 www.livewhereyouwork.nj.gov.