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TABLE OF CONTENTS
Season's Greetings from HMFA
First-Time Home Buyer Tax Credit Extended
HMFA Hosted Lender and Realtor Training Session
HMFA Helps Those Less Fortunate
CHIP Program Completes Phase 1
Mayor Booker and Jon Bon Jovi Cut Ribbon on the Genesis Project Affordable Housing Development in Newark
Asbury Park Joins "Live Where You Work" Program
FEATURED BUILDING
Beverly Commons, Beverly NJ
 
 
BEVERLY COMMONS SENIOR HOUSING - Located in Beverly, NJ, Beverly Commons features 25 one-bedroom apartments for persons 55 and older. The attractive and well-maintained property is fully handicapped-accessible, and has a large, well-lit parking area. The building features two community rooms, 24-hour security surveillance cameras, a full-service elevator, and three laundry room facilities.
Each apartment has a spacious and open layout with large closets, brand new appliances, and oversized bathrooms featuring tiled bath/showers. All units offer separate heat, air conditioning and hot water, complete with energy-efficient appliances (refrigerator, stove, dishwasher, and microwave). The units range from 495 to 655 square feet, with rents ranging from $675.00 to $725.00 plus utilities.

Click here for further information.
 
2010 Women's Conference Save the Date  
 
QUICK LINKS
SEASON'S GREETINGS FROM HMFA
The New Jersey Housing and Mortgage Finance Agency would like to extend their season's greetings and best wishes for a happy, healthy and very prosperous new year.
 
Please accept our sincere gratitude for being one of our fundamental partners in our goal toward Preserving Communities, Providing Housing and Promoting Opportunities to homeowners in the State of New Jersey.
 
Warm Regards,
 
Marge Della Vecchia, Executive Director and the entire HMFA Staff
HMFA EXTENDS ITS FIRST-TIME HOME BUYERS "PREFUND" PROGRAM TO COINCIDE WITH THE FEDERAL TAX CREDIT
For First-Time Home Buyers thinking of buying their first home in New Jersey, the combined incentive and mortgage programs from the New Jersey Housing and Mortgage Finance Agency (NJHMFA) and the federal government have never been better. New Jersey residents who plan to buy their first home in 2010 are encouraged to act quickly to take advantage of a program that grants interest-free loans to assist First-Time Home Buyers with closing costs or down payments.

The popular Tax Credit Loan "Prefund" program (TCLP), extended to compliment the federal tax credit extension, provides eligible households with a loan of up to $5,000 in anticipation of receiving a federal tax credit after filing their 2010 tax returns. The "Prefund" is now also extended to households who are not First-Time Home Buyers, but who are buying a new principal residence in one of 42 Urban Target Areas located throughout the state. More...
HMFA EDUCATES: NEW TRAINING SESSIONS
HMFA Hosted Lender and Realtor Training Session
 
Ed Collins speaks at the Traning Session on December 15, 2009.
On December 15, 2009, HMFA's Single-Family Division hosted a training session for professionals in the mortgage and real estate fields. Over 95 lenders and realtors attended the event.

The topics of discussion included the following:

  • Overview: Good News for the Home Buyer Market in 2010
  • First Time Home Buyer Program
  • Smart Start Options
  • Prefund Tax Credit Loan Program
  • Live Where You Work Program
  • Future Use of Webinar Technology
  • More...
HMFA HAS THE HOLIDAY SPIRIT!
HMFA Helps Those Less Fortunate
 
HMFA's Thanksgiving Food Drive 2009With the onset of the holidays, we are reminded of family, friends, and loved ones. In keeping with the holiday spirit, the HMFA organized two internal donation drives to help spread some holiday cheer to people in need.
 
In November, the HMFA held a Thanksgiving Food Drive, encouraging employees to donate food items. The HMFA donated 14 food baskets - each including a Thanksgiving turkey - to residents at Clinton Court in Trenton.
 
In December, the HMFA held its annual coat drive, asking employees to donate new and gently used coats, sweaters, hats, scarves, and gloves. The coats were delivered to families residing in the HMFA-financed apartment complex Rowan Towers located in Trenton. Here's hoping they keep some hearts warm and spirits bright!
PROJECT MILESTONES
Camden Home Improvement Program Update:
Phase 1 Complete, Phases II and III Continue
to Move Forward!


The Camden Home Improvement Program (CHIP) recently completed its first phase, which entailed rehabilitation of 127 units in eight (8) city neighborhoods.  
 
CHIP is a city-wide home rehabilitation program that provides up to $20,000 in forgivable loans for low- and moderate-income Camden homeowners to make essential life safety home improvements.  
 
In total, once all three phases are complete, CHIP will benefit approximately 310 homeowners throughout the City.  To date, 189 units have completed construction, with many more in various stages of construction, inspection and application processes. More...
Mayor Booker and Jon Bon Jovi Cut Ribbon on the Genesis Project Affordable Housing Development in Newark

Jon Bon Jovi attends ribbon cutting ceremony.Newark, NJ - December 8, 2009 - Mayor Cory A. Booker was joined by Jon Bon Jovi, North Ward Councilman Anibal Ramos, Jr., HELP USA Chairman Maria Cuomo Cole, and other local leaders to cut the ribbon celebrating the opening of the HELP Genesis JBJ Soul Homes on Oriental Street and Mt. Pleasant Avenue in the City's North Ward. This public-private partnership between Bon Jovi's JBJ Soul Foundation and developer HELP USA has produced 51 new units of affordable housing with support services for low-income and special-needs individuals. The Genesis is an environmentally-friendlyproject including "green" features such as a green roof. In addition to the housing, Genesis will include a 2,500 square-foot community center as well. More...
JOINING FORCES TO BETTER OUR COMMUNITIES
One New Town Added to Live Where You Work Program

The HMFA is proud to partner with 25 municipalities across the state in the "Live Where You Work Program" (LWYW), with Asbury Park being the latest municipality to join.

LWYW is a special home buyer workforce incentive program for people who wish to buy a home in the town where they work. LWYW provides low-interest, fixed rate mortgage loans, down payment and closing cost assistance, and flexible underwriting criteria for the loan qualification process to qualified buyers.

The Live Where You Work program strives to revitalize and build sustainable communities that will provide a greener environment, access to alternative transportation and affordable housing opportunities for residents.

In October, Live Where You Work received the 2009 President's Award for Innovation from the Council of State Community Development Agencies, a national association that supports state efforts in community development, affordable housing, local economic development and state-local relations. The award recognizes innovative activities, policies or programs that have been implemented at the state level and have demonstrated success in solving community needs.
ABOUT THE HMFA
The New Jersey Housing and Mortgage Finance Agency (HMFA) is leading the way through innovative programs that are building effective relationships with developers, corporations, non-profits and for-profits to produce more affordable housing. HMFA puts people first by financing single family and multi-family rental housing and encouraging mixed use developments. These initiatives promote sustainable development that protects open space, curbs sprawl and improves regional transportation.

We are dedicated to making investments in communities across New Jersey and building neighborhoods where people want to raise families and build businesses. Part of that vision means providing people of all walks of life with access to safe, clean and affordable housing options. Thanks to the efforts of the HMFA, we are creating homes for our state's families.
Sincerely,
 
marge 
Marge Della Vecchia
Executive Director
NJHMFA
"Homefront" is produced and distributed by the New Jersey Housing and Mortgage Finance Agency. HMFA creates and implements programs to advance the rehabilitation, construction, preservation and financing of affordable housing for the State's residents, lenders, developers and contractors. HMFA is the state administrator for federal housing assistance programs and works in cooperation with State, municipal and non-profit agencies. HMFA secures program funding and operating expenses through the sale of taxable and tax-exempt bonds to private sector investors and is not dependent upon funding from the State Treasury.
 
No State tax dollars were used to design and produce this newsletter.