CAMDEN – A program that is designed to foster affordable home-ownership while reducing the need for long-range commutes to work has enlisted a new municipal partner.
Camden today became the 38th town to join the so-called Live Where You Work program.
The program provides low-interest, fixed-rate mortgage loans to first-time homebuyers purchasing homes in towns where they are employed.
It “fosters active city life and helps create a citizenry that is personally and professionally invested in the future of Camden,” New Jersey Department of Community Affairs Commissioner Lori Grifa said in a release.
Some of the other municipalities in the program include Trenton, Woodbridge, Rahway, Glassboro, Plainfield, Freehold Borough, East Orange, New Brunswick, Atlantic City, and Collingswood.
The program, administered through the state Housing and Mortgage Finance Agency, can develop additional incentives for homebuyers, such as credit counseling, partnerships with local lenders and community discounts, according to Grifa and HMFA Executive Director Anthony Marchetta.
“This program helps revitalize and build sustainable communities by providing affordable and reliable mortgages for residents and encouraging greener environments and alternative transportation options,” Marchetta said.