November 6, 2008

DCA & HMFA WELCOME RAHWAY to LIVE WHERE YOU WORK HOMEBUYER PROGRAM

RAHWAY –Rahway Mayor James J. Kennedy and Housing and Mortgage Finance Agency (HMFA) Executive Director Marge Della Vecchia today joined Department of Community Affairs (DCA) Commissioner Joseph Doria at 397 Seminary Avenue, to announce that Rahway is the newest member of the Live Where You Work Program.  Rahway is the sixth municipality to partner with HMFA on the program. 

“Workforce housing is a key component in Governor Corzine’s efforts to provide New Jersey residents with the homes they need,” said Commissioner Joseph Doria.  “This program will greatly assist in that effort.  Mayor Kennedy and Rahway should be commended for their commitment to the residents of this city and I encourage more municipalities to join the program.”

The Live Where You Work Program is a work force housing initiative that provides fix rated, at or below market 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 further enhances Governor Corzine’s efforts to revitalize and build sustainable communities that will provide a greener environment, access to transportation and affordable housing opportunities for residents.

“The  LWYW program in this city is exactly what we hope for,” said Marge Della Vecchia.  “This is a program about building communities and Rahway is the perfect place to start.  It is a city that is well located and a great place for people who work here to live.”

As a result of this partnership, people working in Rahway 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 and Atlantic City are all taking part in the program.

“I am pleased to announce a partnership between the City of Rahway, HMFA and private lenders to offer Rahway the Live Where You Work Program,” said Mayor Kennedy.  “Those looking to make their home in Rahway will be pleased by the diverse selection of real estate available in this re-energized town, just 15 miles southwest of Manhattan. With residences ranging from well-kept, stately Victorian homes to modern high rises with Manhattan views, our community is sure to offer something to meet everyone’s taste.”

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 http://www.rahwaylwyw.com/.