PASSAIC, N.J. – October 26, 2009 – (RealEstateRama) — Passaic Mayor Dr. Alex Blanco today joined representatives of the New Jersey Housing and Mortgage Finance Agency (HMFA) in City Hall Council Chambers, 330 Passaic Street, to announce that Passaic is the newest member of the Live Where You Work program. The city is the 23rd municipality to partner with the HMFA on this workforce housing initiative.
“The program advances my administration’s goal of assisting hardworking families who wish to participate in the ‘American Dream’ of owning their own home,” Governor Corzine said. “It also helps families save money, cut down on commuting time, and develop a closer connection to the town in which they live.”
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 revitalize and build sustainable communities that encourage greener environments, access to public transportation and affordable housing opportunities for residents.
“The HMFA created Live Where You Work in 2008 and the program has taken off,” said HMFA Executive Director Marge Della Vecchia. “Governor Corzine and I thank Mayor Blanco and the City of Passaic for their commitment and dedication to working with us. As always, we encourage more municipalities to join the program.”
As a result of Passaic’s partnership with the HMFA, people working in the city who are interested in buying a home in the community will be able to take advantage of Live Where You Work program incentives.
“The Live Where You Work program is important for our city, increasing access to home ownership for the hard working families of Passaic,” said Mayor Blanco. “My administration is working hard to improve our ability to offer affordable and desirable housing for Passaic families.”
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 and Old Bridge are all taking part in the program.
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.
Contact:
Lisa Ryan
(609) 292-6055
