GLASSBORO, NJ – June 8, 2009 – (RealEstateRama) – Glassboro Mayor Leo J. McCabe 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 Borough Hall at 1 South Main Street to announce that Glassboro is the newest member of the Live Where You Work Program. The borough is the 14th municipality to partner with HMFA on the program.
“Live Where You Work is a key component in Governor Corzine’s efforts to assist those hardworking New Jersey residents who are seeking homeownership opportunities,” said Commissioner Doria. “I thank Mayor McCabe and Glassboro 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 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.
“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 Glassboro participate.”
As a result of this partnership, people working in Glassboro 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, New Brunswick and Paterson are all taking part in the program.
“We are so pleased that we have the opportunity to work with the HMFA and DCA to offer this new program to the people of Glassboro,” said Mayor McCabe. “As the Borough increases its residential offerings at the Summit Village townhouses and Rowan Boulevard, we hope that the people who are working here decide to stay and become a part of our community and the redeveloped downtown.”
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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