May-22-2009 DCA & HMFA Welcome Paterson to Live Where You Work Homebuyer Program
DCA & HMFA Welcome Paterson to Live Where You Work Homebuyer Program
PATERSON - Paterson Mayor Jose "Joey" Torres today joined Department of Community Affairs (DCA) Commissioner Joseph Doria and New Jersey Housing and Mortgage Finance Agency (HMFA) Executive Director Marge Della Vecchia at The Vistas at the Great Falls, a new residential development at 1 Jasper Street, to announce that Paterson is the newest member of the Live Where You Work Program. The city is the 13th municipality to partner with HMFA on the program.
"Live Where You Work complements Governor Corzine's efforts to reduce traffic congestion, revitalize neighborhoods and, most importantly, assist hardworking residents who want to buy homes," said Commissioner Doria. "The goal of this program is to build stronger, more connected communities. I thank Mayor Torres and Paterson for their commitment to the borough’s residents and I encourage more municipalities to join the effort."
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.
"This is a program that makes so much sense in today's economy because living close to work reduces commuting time, which is a way to save money," said HMFA Executive Director Marge Della Vecchia. "Live Where You Work is also about strengthening people's 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."
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.
"The 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," said Mayor Torres. "Therefore, don't 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."
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.