DCA & HMFA Welcome Carteret to Live Where You Work Homebuyer Program
Bayonne is 11th Municipality to Partner with Agencies on Program
“Live Where You Work complements Governor Corzine’s efforts to reduce traffic congestion, revitalize neighborhoods and, most importantly, assist hardworking residents who want to buy homes,” said Commissioner Doria. “The goal of this program is to build stronger, more connected communities. I thank Mayor Reiman and Carteret for their commitment to the borough’s residents and I encourage more municipalities to join the effort.”
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.
“This is a program that makes so much sense in today’s market and economy,” said HMFA Executive Director Marge Della Vecchia. “Living close to work cuts down on commuting time and is a way to save money and develop a closer connection to the community. Add to that an affordable and reliable mortgage and Live Where You Work is the perfect mix.”
As a result of this partnership, people working in Carteret 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 and Bayonne are all taking part in the program.
“Our small business incentives and redevelopment strategies have been successful in attracting business investors and creating new career opportunities here in Carteret,” Mayor Reiman stated. “Carteret continues to be a welcoming place to live and work. The Live Where You Work program complements our existing quality of life improvement efforts. It also promotes our commitment to the principles of Smart Growth and offers significant housing opportunities for first-time homebuyers. Now, our businesses will be better positioned to attract and keep skilled employees by offering them enhanced opportunities to both live and work in our community.”
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.