DCA & HMFA Welcome Voorhees to Live Where You Work Homebuyer Program
VOORHEES, N.J. – March 11, 2010 – (RealEstateRama) — Voorhees Township Mayor Michael Mignogna today joined representatives of the New Jersey Housing and Mortgage Finance Agency (HMFA) at the Community Center at Lions Lake, 101 Dutchtown Road, to announce that the township is the newest member of the Live Where You Work program. Voorhees is the 28th municipality to partner with the HMFA on this workforce housing initiative.
“Live Where You Work is an effective program on so many levels. While it helps individual families buy their first home, save money and reduce their commuting time to work, the program also has the larger goal of encouraging community revitalization through increased homeownership,” said Department of Community Affairs (DCA) Acting Commissioner Lori Grifa. “There is a reason why Voorhees and 27 other towns have decided to participate in Live Where You Work. It makes sense, especially in today’s economy. We invite municipalities that are interested in building strong neighborhoods to join the initiative.”
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 has so much to offer participating communities,” said Marge DellaVecchia, Executive Director of the HMFA. “Households benefit from attractive mortgage rates, local businesses benefit from having a committed workforce living nearby, and municipalities benefit from the activity and economic vibrancy that comes with people living near where they work.”
The other 27 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, and Gloucester City.
“We are so pleased that we have the opportunity to work with the HMFA and DCA to offer this innovative program in Voorhees Township,” said Mayor Mignogna. “Voorhees Township prides itself in maintaining a sense of community while providing the highest level of programs and services. Our outstanding schools and recreation facilities are among the many reasons Voorhees is such a great place in which to live, work and play.”
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.
