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New Jersey
''Live Where You Work'' Program Helps Eleven Garden State Communities in First Year
Complementary to Governor Jon Corzine's community revitalization efforts, the state Housing and Mortgage Finance Agency's (HMFA's) year-old ''Live Where You Work'' program has already helped its 11 partner municipalities increase affordable housing, take cars off the roads and foster a sense of community through low-interest 30-or-40-year fixed-rate mortgages, with buyers of homes in ''designated Smart Growth Areas'' also eligible for down-payment and closing-cost assistance equal to 5 percent of the first loan, and with that amount forgiven if a buyer lives in the house for seven years, write Department of Community Affairs Commissioner Joseph Doria and HMFA Executive Director Marge Della Vecchia in a Lyndhurst Patriot guest column, encouraging other municipalities to join the program and reap the benefits.
The central principle of ''Live Where You Work'' is less use of cars.
The program, they remind readers, takes into account the anticipated savings on commuting costs and offers homebuyers ''larger loans than they would otherwise be eligible for because the money they would have been spending on tolls and gas can now be invested in their mortgage.''
The maximum qualifying income for a family of four ranges from $94,070 to $111,205 a year, depending on house location and the related top price for a single-family home set between $320,625 and $429,619, with the higher purchase prices allowed in the Urban Target Areas.
''There are no downsides to ''Live Where You Work,'' as municipalities that have already entered the program can attest,'' the two state officials observe.
These municipalities -- Atlantic City, Bayonne, Carteret, Evesham, Elizabeth, Jersey City, Morristown, Neptune Township, Rahway, Trenton and Woodbridge -- are offering ''Live Where You Work'' homebuyer discounts at bicycle shops and appliance stores, with at least one municipality involving several local lenders to provide closing cost rebates for these new residents.
''Partnership opportunities with local businesses also exist in terms of marketing the program to their employees,'' the state officials stress. ''This program will benefit employees of all sizes from the corner grocery store to the Fortune 500 company by making it easier for their workers to find good affordable housing close to the job.'' -- Patriot 3/26/2009
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