By ROBERT LINNEHAN | The Cherry Hill Sun
Employees who work but don’t live in the township should maybe take another look at relocating to Cherry Hill. The township announced last week its enrollment in the New Jersey Housing and Mortgage Finance Agency’s “Live Where You Work,” program.
The program, offered through the HMFA, offers potential homebuyers a home mortgage incentive program that provides low-interest mortgages and other perks. Marge Della Vecchia, executive director of the HMFA, welcomed Cherry Hill as the 20th municipality in the state to join the program.
“People who live in a community are engaged in their community,” she said. “People who just work in a town worry about where they’re going to park, where they’re going to eat, and how bad the traffic will be on the way in. That’s it.”
LWYW partners with area real estate agents and banks to offer attractive mortgage rates, flexible loan application reviews or underwriting criteria, and down-payment and closing-cost assistance of up to 5 percent of the mortgage amount.
According to the state, the assistance offered from this program does not have to be paid back if the homeowner lives in their new home for more than seven years.
The goal of LWYW is to build stronger communities by promoting homeownership and encouraging people to live closer to their jobs, representatives said.
See this week’s print edition of The Sun for the full story.
