HomeMy Public PortalAboutr 08:233
~tzoluthltt of t~t ~oxoui1~ of QIartexd, ~. 3J.
Date of Adoption
September 25, 2008
No. 08-233
RESOLUTION AUTHORIZING THE EXECUTION OF A MEMORANDUM OF
AGREEMENT WITH THE NEW JERSEY HOUSING
& MORTGAGE FINANCE AGENCY (HMFA)
WHEREAS, the New Jersey Housing & Mortgage Finance Agency (HMF A) provides a
homebuyer program, "Live Where You \-Vork" (LWYW); a home mortgage incentive
program that provides low interest mortgage loans to homebuyers purchasing homes in
towns where they are employed; and
\VHEREAS, the goal of "LWYW" is to build strong communities by promoting
homeownership and encouraging people to live close to their jobs. This, in turn, will
reduce the need for cars and increase the use of alternative transportation such as
walking, biking and public transit; and
\VHEREAS, buying a house in Carteret, where you currently work provides employees
benefits from attractive mortgage rates, more flexible loan application revie\v and
underwriting criteria, and reduced community times to work. Carteret benefits from
having a committed workforce living nearby, and the activity and economic vibrancy that
come with people living near where they work; and
\VHEREAS, Carteret Office of Economic/Community Development will be responsible
to implement the Memorandum of Agreement with the HMF A for the "Live .Where You
Work Program."
NOW, THEREFORE, BE IT RESOLVED that the Mayor and Council of the Borough
of Carteret do hereby support the "Live .Where You \-Vork Program" to increase
homeownership and enhance housing affordability opportunities. The "Live \Vhere You
\Vork Program" offers home~buying incentives to persons employed with Carteret; and
encourages the use of public transit and other forms of non-auto transportation for
conunuting to work, in furtherance of smart growth planning principles.
BE IT FURTHER RESOLVED, that the Mayor and Borough Clerk be and are hereby
authorized to execute the attached memorandum of agreement on behalf of the Borough.
BE IT FURTHER RESOLVED, that this Resolution shall take effect immediately.
Adopted this 25th day of September, 2008
and certified as a true copy of the
original on September 26, 2008.
KATHLEEN M. BARNEY, MMC
Municipal Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN YES NO NV A.B. COUNCILl\lAN YES NO NV A.B.
BELLIN0 X KRUM X
X X
X S X
x - Indicate Vote AB - Absent NV - Not Voting XOR -Indicates Vote to Overrule Veto
Adopted at a meeting of the Municipal Council