March 26, 2009
Complementary to Governor Jon Corzine's community revitalization efforts, the state Housing and Mortgage Finance Agency's (HMFA's) year-old ''Live Where You Work'' program has already helped its 11 partner municipalities increase affordable housing, take cars off the roads and foster a sense of community through low-interest 30-or-40-year fixed-rate mortgages, with buyers of homes in ''designated Smart Growth Areas'' also eligible for down-payment and closing-cost assistance equal to 5 percent of the first loan, and with that amount forgiven if a buyer lives in the house for seven years.
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Source: Smart Growth News
Program helps 11 partner municipalities increase affordable housing, take cars off the roads and foster a sense of community
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25 to 33 % of potential buyers prefer infill, mixed-use, and transit-oriented neighborhoods, and this demand is expected to grow as the population ages. (Ewing et. al, 2007)
