Cherry Hill Township • Reader Submitted • September 16, 2009 • CourierPostOnline.com

 

n 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 is participating in the Department of Community Affairs' new “Live Where You Work” (LWYW) program. At a press conference held Tuesday, Sept. 15, Mayor Bernie Platt was joined by the DCA's Housing and Mortgage Finance Agency, which oversees the program, and other government officials to announce the 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.

According to Platt, taking part in this program will also increase opportunities for alternative transportation.

“Walking, biking, carpooling and public transit will become much more feasible ways for local employees to travel from home to work and back, as opposed to individual drivers motoring in and out of town,” Platt said. “Getting cars off the road, of course, eases our issues with traffic congestion and air pollution, and the overall concept of ‘Live Where You Work' perfectly dovetails with our ongoing mission to make Cherry Hill a sustainable community.”

Through a strategic partnership between the Township, area real estate agents, banks and the HMFA, local employees who commute into Cherry Hill will 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.

“Live Where You Work 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.”

Platt noted that once the program goes into effect in October with a housing fair, Cherry Hill-at-large will benefit from having a committed workforce living within its borders with a vested interest in the community and the economic vibrancy that comes with people living near their job. Township employers of all sizes will benefit their businesses by making it easier for their workers to find housing close to the job.

“Making Cherry Hill more sustainable means taking advantage of opportunities such as the LWYW program,” Platt added. “It combines many of our goals as an administration: strengthening neighborhoods and bolstering community involvement, adopting greener lifestyles, reducing the use of nonrenewable resources, providing access to alternative transportation, and building a diverse population that thrives within our borders.”