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TRENTON –Trenton Mayor Doug Palmer and Housing and Mortgage Finance Agency (HMFA) Executive Director Marge Della Vecchia joined Department of Community Affairs’ (DCA) Commissioner Joseph Doria today at Liberty Street Townhomes to announce the kick off of a new home mortgage incentive program called Live Where You Work.  The City of Trenton will be the first municipality to partner with HMFA on the program.

“Live Where You Work will be a key component in maintaining the vitality of our communities as well as assisting those in the middle class who are seeking homeownership opportunities,” said Commissioner Doria.  “I thank Mayor Palmer and the City of Trenton for their commitment and dedication to working with us and encourage more municipalities to join the program.”

This new home mortgage incentive program provides low-interest 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 (all of Trenton is within a Smart Growth Area) 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.

“Live Where You Work is a terrific concept for Trenton,” said Mayor Palmer.  “Any person with a job in Trenton earning up to approximately $120,000 could be eligible for financial assistance, if they buy a home and live here.  With lower interest rates and assistance with down payments and closing costs, Live Where You Work is for current city residents who work in Trenton as well as commuters who would move here.   The goal is to attract middle income wage earners – and the initiative has the potential to be a key aid in helping our city be able to hold on to some of the millions of disposable dollars that are generated here.  Of course, a secondary benefit is a possible reduction in the high density rush hour traffic on New Jersey roadways.”

As a result of the City of Trenton’s partnership, persons working in the City who are interested in buying a home in Trenton 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.

“We are so excited to be able to get the Live Where You Work program off the ground in Trenton, and we hope to have more municipal partners joining the City soon,” said Marge Della Vecchia.

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 609-278-7411.  Or, you can visit the Live Where You Work website at www.livewhereyouwork.nj.gov.