DCA & HMFA Welcome Pemberton Township to “Live Where You Work” Homebuyer Program

PEMBERTON TOWNSHIP, N.J. - February 4, 2010 - (RealEstateRama) — Pemberton Township Mayor David Patriarca today joined representatives of the New Jersey Housing and Mortgage Finance Agency (HMFA) at the Municipal Building, 500 Pemberton-Browns Mills Road, to announce that the Township is the newest member of the Live Where You Work program. Pemberton is the 26th municipality to partner with the HMFA on this workforce housing initiative.

“Not only does Live Where You Work assist those hard working New Jersey residents who are seeking homeownership opportunities, but the program serves an important tool towards becoming a more sustainable community,” said Department of Community Affairs (DCA) Acting Commissioner Charles A. Richman. “Pemberton’s decision to join Live Where You Work demonstrates the township’s commitment to improving its residents’ quality of life. I invite more municipalities to join the program.”

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 affiliate 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.

“Live Where You Work is a way to save money, cut down on commuting time, increase community involvement through homeownership and get an affordable and reliable mortgage,” said Marge DellaVecchia, Executive Director of the HMFA. “It is a program that makes so much sense in today’s market and economy and we are happy to see Pemberton participate.”

The other 25 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, and Asbury Park.

“As a former employee of the township who has always lived and worked in Pemberton, I believe The Live Where You Work program is an innovative way to promote community and economic development,” Mayor Patriarca said. “An employee that lives and works in their community will be more invested both personally and professionally.”

In October 2009, 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.

 

 

 

 

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HUD - U.S. Department of Housing and Urban Development

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FHFA - Federal Housing Finance Agency

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