Live where you work funding in New Jersey
Monday, June 22nd, 2009
By: Shai Ben-Yaacov
sben-yaacov@whyy.org
Cherry Hill is set to become the latest township in New Jersey to offer first time homebuyers incentives to live where they work. The city is about to join a statewide program whose name sums up its main goal.
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The Live Where You Work program provides qualifying prospective homeowners with low down payments and interest rates. In exchange, the town enjoys less traffic congestion and suburban sprawl.
The Borough of Carteret, New Jersey has had the program since March, and officials say interest has been high. Kathleen Shaw, the borough's Director of Economic Development, says in today's credit market, such a program is invaluable.
Kathleen Shaw: Having more flexible underwriting criteria, having down payment and closing cost, someone who's never bought a house before, those are great great tools to work with.
Fifteen municipalities in New Jersey have taken advantage of the program. Cherry Hill's program starts up in the fall.