By ROBERT LINNEHAN | The Voorhees Sun
A program designed by the state to encourage employees to move to the town where they work might be worth another look, said Mayor Michael Mignogna.
The township committee originally researched the Live Where You Work Program when it was in its infancy a few years back, Mignogna said, and didn’t find it was a good fit for the township. However, Mignogna said the time may be right to explore the program more, and he confirmed the township has reached out to the Housing and Mortgage Finance Agency to see if Voorhees is eligible.
The program, offered through the HMFA, offers potential homebuyers a home mortgage incentive program that provides low-interest mortgages and other perks.
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.
Also, encouraging people to live near their places of business will potentially increase the usage of alternative transportation such as biking, walking, and public transit, representatives said.
See this week’s print edition of The Sun for the full story.