News Release
For Immediate Release: May 7, 2001
Contact: Amanda Sacco, HMFA
609-278-7517

HMFA OFFERS BELOW MARKET RATE MORTGAGES TO CASINO EMPLOYEES

The New Jersey Housing and Mortgage Finance Agency (HMFA) will hold an information open house about the Home Ownership for Performing Employees (HOPE) program at several participating casinos in Atlantic City the week of May 7-10, 2001. The HOPE program, coordinated through the Casino Reinvestment Development Authority (CRDA), assists employees of participating casinos in obtaining a low interest mortgage with favorable terms to purchase a home in Atlantic City.

"HMFA is working with the Casino Reinvestment Development Authority to encourage home ownership in Atlantic City. The Home Ownership for Performing Employees program offers people who work in the hotels and casinos an incentive to purchase a home in Atlantic City by eliminating the downpayment and private mortgage insurance," said HMFA Executive Director Deborah De Santis

The HOPE program offers qualified buyers the opportunity to purchase a 1- or 2-family home with no downpayment. Employees at Bally's Park Place, Caesars, the Atlantic City Hilton and Resorts who have been employed by the hotel/casino for more than six months are eligible. Loans made through the HOPE program are for 30 years with a fixed interest rate. Buyers may borrow up to 100% of the appraised fair market value of the home without paying for private mortgage insurance. Income and purchase price limits apply.

Staff from HMFA's Single Family Programs Division will be available from 8 a.m. to 8 p.m. to answer questions about the HOPE program. Eligible employees can become pre-qualified for a mortgage.

The schedule is as follows:
Bally's Park Place - Monday, May 7
Hilton- Tuesday, May 8
Caesars - Wednesday, May 9
Resorts- Thursday, May 10

For more information on the Home Ownership for Performing Employees program, contact the Casino Reinvestment Development Authority at 609-347-0500.
HMFA creates and implements programs to advance the rehabilitation, construction and financing of affordable housing for the state's residents, lenders, developers, and contractors. HMFA secures program funding and operating expenses through the sale of taxable and non-taxable bonds to private-sector investors, and is not dependent upon

funding from the state Treasury.
For information on HMFA consumer mortgage programs, call 1-800-NJ-HOUSE. Speech or hearing impaired individuals may call the TTY hotline at 1-877-325-6524.
# # #