Evesham joins homebuyers assistance program. Janet Larsen Can Help!

EVESHAM - The township has signed on to a state-run homebuyer incentive program to encourage those who work in the township to buy homes here.

The Live Where You Work program, run by New Jersey's Housing and Mortgage Finance Agency, offers first-time homebuyers low-interest, 30- or 40-year, fixed-rate mortgages to help them establish themselves in the municipality where they work. It also offers down payment or closing cost assistance worth up to 5 percent of the mortgage amount.

The downpayment-closing assistance doesn't have to be repaid as long as the buyer stays in the home for seven years. If the home is sold within that time, the loan will be prorated and the buyer will have to pay back the remaining amount due.

Council agreed to join the program during a meeting Tuesday afternoon.

Mayor Randy Brown touted the program as a way to help would-be homebuyers in a rough market.

Deputy Mayor Chris Brown said the program will help the township retain young professionals, a demographic the state has struggled to attract. The assistance should provide an incentive for individuals to stay in the township, he added.

"Just like our jobs are leaving, our young professionals are leaving," he said, noting that New Jersey loses about 80,000 residents a year. "We need to keep these productive minds and individuals in New Jersey."

Councilwoman Debbie Sarcone expressed concern that the 7-month-old program might face trouble in light of the current economic situation.

But Edward Collins, a program representative, said there's "truly no downside." The program sells tax-exempt bonds to secure the loans, and Collins said he's been "told we have plenty of money to cover the mortgages."

"We're well-heeled at the agency," he said. "We'll be able to ride out this storm."He said more than a dozen municipalities have joined or discussed joining the program, including Pemberton Township.

Municipalities must join the program for residents to qualify for the loans.

Qualified buyers are first-time homeowners who work in the township and meet income limits set by the state.

Eligible properties include new and existing single-family homes and condominiums and multifamily properties that are more than five years old. Properties must be located in state-designated "smart growth" areas and must meet the state's price limit.

Township manager Tom Czerniecki said it will likely cost the township $1,000 to help promote the program. Call Janet Larsen with Remax Connection at 856-261-6910.

(This article is taken from the South Jersey Courier Post 10/4/08 edition)