Work in town? Want to live in town?
New program helps those who work in Woodbridge buy a home in township
BY KATHY CHANG Staff Writer
Through a partnership between Woodbridge Township and the state's Live Where You Work homebuyer program, prospective homebuyers who work in the township can also find help in buying a home in the township.

"Live Where You Work is a key component in assisting those hard-working middle-class individuals who wish to live the American dream of owning their own home," said Joseph Doria, Department of Community Affairs (DCA) commissioner.

Doria joined Mayor John E. McCormac and Marge Della Vecchia, Housing and Mortgage Finance Agency (HMFA) executive director, at a three-bedroom home on Wall Street in the Menlo Park Terrace neighborhood to announce the township's partnership with HMFA in the Live Where You Work homebuyer program on Aug. 27.

Woodbridge, the fifth-largest township in New Jersey, has become the third municipality to partner with HMFA on the program joining Trenton and Jersey City. Rahway, Elizabeth, Morristown and Neptune Township are in the works of partnering with HMFA, according to the Live Where You Work Web site.

"This is a program that makes sense in today's market and economy," said Della Vecchia. "With its central location and great neighborhoods, Woodbridge has always been a fantastic place to buy a home."

Della Vecchia added that the program makes it even more affordable and compelling for interested homebuyers.

"It is a way to save money, cut down on commuting time, develop a closer connection to the town, and get an affordable and reliable mortgage … it is a perfect mix," she said.

The Live Where You Work program is a work-force housing initiative that 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, 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.

State officials said the program initiative further enhances Gov. Jon S. Corzine's efforts to revitalize and build sustainable communities that will provide a greener environment, access to transportation, and affordable housing opportunities for residents.

McCormac said the township is committed to making homeownership more affordable not only for township residents, but for those who work in the town and want to live in the town.

"As a result of this opportunity, many more township families and workers, and first-time homebuyers will be better able to negotiate the current economic times by taking advantage of a program that provides real incentive and benefit to purchasing a home right here in the township," he said.

The program's maximum income limit for areas in Middlesex, according to the program's Web site, for a one- or two-family household is $116,040, and for a three-plus-family household is $135,380.

For more information about the program, visit the Live Where You Work Web site at www.livewhereyouwork.nj.gov.