Oct-30-2009 DCA & HMFA Welcome Belmar to 'Live Where You Work' Homebuyer Program
DCA & HMFA Welcome Belmar to 'Live Where You Work' Homebuyer Program
BELMAR - Belmar Mayor Ken Pringle today joined representatives of the New Jersey Housing and Mortgage Finance Agency (HMFA) at Borough Hall, 601 Main Street, to announce that Belmar is the newest member of the Live Where You Work program. The borough is the 24th municipality to partner with the HMFA on this workforce housing initiative.
"Live Where You Work complements my administration's efforts to strengthen communities. The program promotes homeownership and makes it possible for people to live closer to their jobs," Governor Corzine said. "I commend Mayor Pringle and Belmar for their commitment to the residents of this borough and I encourage more municipalities to join the program."
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's efforts to build sustainable communities that encourage greener environments, access to public transportation and affordable housing opportunities for residents.
"This is a program that makes so much sense in today's market and economy," said HMFA Executive Director Marge Della Vecchia. "Living close to work reduces commute times, saves households money, and helps people develop a closer connection to their community. Add to that an affordable and reliable mortgage and Live Where You Work is an attractive option."
As a result of Belmar's partnership with the HMFA, people working in the borough who are interested in buying a home in the community will be able to take advantage of Live Where You Work program incentives.
"The Borough of Belmar is excited to be part of the Live Where You Work program, which will make buying a home in Belmar more affordable for those who work here," Mayor Pringle said. "This program will also help our efforts to revitalize our downtown. We can't wait to get to work encouraging people to take advantage of it."
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, Old Bridge and Passaic are all taking part in the program.
Earlier this month, Live Where You Work received the 2009 President's Award for Innovation from the Council of State Community Development Agencies, a national association that supports state efforts in community development, affordable housing, local economic development and state-local relations. The award recognizes innovative activities, policies or programs that have been implemented at the state level and have demonstrated success in solving community needs.
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.