May-12-2011 DCA & HMFA Welcome Haddon Township to ‘Live Where You Work’ Program
DCA & HMFA Welcome Haddon Township to
'Live Where You Work' Program
Haddon Township Is 37th Municipality to Partner with Agencies on Program
HADDON TWP., N.J. – Representatives of the New Jersey Housing and Mortgage Finance Agency (HMFA) today joined Mayor Randall W. Teague at Haddon Township's Municipal Building, 135 Haddon Avenue, to announce that the township is the newest member of the Live Where You Work program. Haddon Township is the 37th municipality to partner with the HMFA on this housing initiative.
"By becoming a Live Where You Work participant, Haddon Township will now be able to attract people who work in the township to become homeowners in the township, which helps increase community involvement and strengthen neighborhoods," said New Jersey Department of Community Affairs (DCA) Commissioner Lori Grifa, who is Chair of the HMFA Board. "There is really no reason not to join Live Where You Work. I encourage other municipalities to follow Haddon Township’s lead and bring this excellent program to their communities."
The Live Where You Work program provides low-interest, fixed rate mortgage loans to first-time homebuyers purchasing homes in towns where they are employed. Homes must be located in a municipality that has become a Live Where You Work partner with the HMFA, which is an affiliated agency of the DCA. 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. The HMFA can also work with participating municipalities to develop additional incentives for homebuyers, such as credit counseling, partnerships with local lenders and community discounts.
"The goal of Live Where You Work is to encourage people to live closer to their jobs in order to build more cohesive communities and to make it more possible for people to walk, bike and take public transportation to work," said HMFA Executive Director Anthony L. Marchetta. "We are happy to have Haddon Township join this effort and enhance the vibrancy of its community."
The other 36 municipalities participating in the Live Where You Work program include: 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, Passaic, Belmar, Asbury Park, Pemberton, Gloucester City, Voorhees, Manchester, Lakewood, Freehold Borough, East Orange, Red Bank, Collingswood, Middletown and Bridgeton.
"The Township of Haddon is pleased to be partnering with the New Jersey Housing and Mortgage Finance Agency and offering the Live Where You Work program," said Mayor Randall W. Teague. "This important program will promote homeownership, provide housing affordability opportunities, reduce traffic congestion and better position our businesses in attracting skilled employees by offering them an opportunity to both live and work in our community."
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.