In an effort to reduce the numbers of single-passenger vehicles traveling in and out of town, increase opportunities for alternative transportation, and strengthen local communities, Cherry Hill Township is participating in the Department of Community Affairs’ new “Live Where You Work” (LWYW) program. At a press conference held Tuesday, Sept. 15, 2009, Mayor Bernie Platt was joined by the DCA’s Housing and Mortgage Finance Agency, which oversees the program, several large local employers – including Kennedy Health System and Melitta Coffee – and other government officials to announce the innovative and timely new initiative.

The LWYW program is a home-mortgage incentive program that provides low-interest mortgage loans and other enticements to potential homebuyers looking to purchase residences in the municipalities where they are employed. The goal of LWYW is to build stronger communities by promoting homeownership and encouraging people to live closer to their jobs. Through a strategic partnership between the Township, area real estate agents, banks and the HMFA, local employees who commute into Cherry Hill can benefit from attractive mortgage rates and more flexible loan-application review or underwriting criteria, in addition to down-payment and closing-cost assistance of up to 5 percent of the mortgage amount. Further, the assistance does not need to be paid back if the borrower lives in their new home for more than seven years.

"(LWYW) is an important component in meeting Governor Corzine’s goal of providing hardworking families with quality housing in good neighborhoods," said DCA Acting Commissioner Charles A. Richman. "The program also complements Cherry Hill’s stated goals of strengthening neighborhoods, promoting greener lifestyles and increasing community involvement. The Governor and I commend Mayor Platt and Cherry Hill for their commitment to the township’s residents and we encourage more municipalities to join the effort."

In addition to creating a stronger community by drawing in committed members of the local workforce to contribute to and bolster Cherry Hill’s economic vibrancy, township employers of all sizes will benefit their businesses by making it easier for their workers to find housing close to the job. Air quality is also a beneficiary, with less tail-pipe emissions from single-passenger commuters traveling in and out of town each day polluting the environment.

If you are interested in learning more about the program, its terms, or applying with an approved LWYW lender, visit: www.state.nj.us/dca/hmfa/consu/buyers/close/live.html Or, call the mayor’s Office at (856) 488-7878 and ask for Jennifer Kelley. Learn more by reading The Courier Post’s coverage of the program’s implementation here or Philly.com’s article here.