December 19, 2011 - DCA & HMFA Welcome City of Woodbury to ‘Live Where You Work’ Program
DCA & HMFA Welcome City of Woodbury to
'Live Where You Work' Program
Woodbury in Gloucester County Is 40th Municipality to Partner with
Agencies on Program
WOODBURY, N.J. – New Jersey Housing and Mortgage Finance Agency (HMFA) representatives today joined Woodbury Mayor Harry "Ron" Riskie and other officials to announce that the City is the newest member of the Live Where You Work program, becoming the 40th municipality to partner with the HMFA on this housing initiative. The announcement was made at Underwood Memorial Hospital, which is the City's largest employer.
"Woodbury is a thriving community that features such amenities as a traditional downtown, robust historic district, and arts and cultural groups. It is also located close to Philadelphia and major highways, and will be a stop on an anticipated light rail line," said New Jersey Department of Community Affairs (DCA) Commissioner Lori Grifa, who is Chair of the HMFA Board. "The Live Where You Work program will only add to the township's appeal by giving people yet another reason to live and work in this charming county seat. I encourage other municipalities to follow the City's lead and bring this worthwhile 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.
"We are proud to introduce the Live Where You Work program in conjunction with Underwood Memorial Hospital, which is particularly interested in bringing in medical students to not only work in the City of Woodbury, but live here as well," said Woodbury Mayor Riskie.
The other 39 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, Bridgeton, Haddon Township, Camden, and Franklin Township (Somerset County).
To learn 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.
The HMFA also operates NJ Housing Resource Center, which is a free online housing information clearinghouse that offers a searchable registry of affordable housing opportunities. Homebuyers interested in looking at houses in designated Live Where You Work communities can use the clearinghouse to search for a home. People can access the Housing Resource Center website at www.njhousing.gov.