HAMILTON TOWNSHIP, N.J. – New Jersey Housing and Mortgage Finance Agency (HMFA) staff today joined Hamilton Township Mayor Roger J. Silva and other officials at the Hamilton Township Town Hall in Mays Landing to announce that the Township is the newest member of the Live Where You Work program. It is the 42nd municipality to partner with the HMFA on this housing initiative.
“Hamilton offers a modern community with all the amenities of suburban life while preserving the peaceful lifestyle of a rural community and the rich history of Historic Mays Landing Village,” said New Jersey Department of Community Affairs (DCA) Commissioner Richard E. Constable III, who is Chair of the HMFA Board. “The Live Where You Work program acts as an incentive that invites residents to buy a home, save money, and reduce their commute to work. I encourage other municipalities to bring this excellent program to their communities.”
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 affiliated agency 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. The HMFA can also work with participating municipalities to develop additional incentives for homebuyers, such as credit counseling, partnerships with local lenders and community discounts.
"The Live Where You Work program offers a great opportunity for first-time homebuyers who often cannot afford to buy a home,” said Mayor Roger J. Silva. “These are difficult times it makes sense to participate in a program such as this one which offers a lot of advantages to both the homebuyer and the town.”
The other 41 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, Gloucester City, Voorhees, Manchester, Lakewood, Freehold Borough, East Orange, Red Bank, Collingswood, Middletown, Bridgeton, Haddon Township, Camden, Franklin Township (Somerset County), Robbinsville and Woodbury.
To learn 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 http://www.state.nj.us/dca/hmfa/homeownership/buyers/live/.
The HMFA also operates the NJ Housing Resource Center, which is a free online housing information clearinghouse that offers a searchable registry of affordable housing opportunities. Homebuyers interested in looking at houses in designated Live Where You Work communities can use the clearinghouse to search for a home. People can access the Housing Resource Center website at http://www.njhrc.gov.