March 28: Mayor Jose Torres to Address Paterson’s Live Where you Work Initiative at the Vistas at Great Falls
Program Offers Incentives to Homebuyers who are Employed Throughout the City
PATERSON, N.J., March 18, 2009 – Despite the current economic climate and state of the residential housing market, homeownership opportunities are plentiful in Paterson for those who work throughout the city. Special incentives are on the horizon thanks to a new “Live Where You Work” initiative, which will be addressed by Mayor José “Joey” Torres at a Mayor’s Open House on Sat., Mar. 28. The program is being held from 11 a.m. to 2 p.m. at The Vistas at Great Falls, a newly opened upscale condominium and townhome community developed by P&F Management Company, LLC.
Offered in partnership with local municipalities, Live Where You Work is a home mortgage incentive program developed by the Department of Community Affairs’ Housing and Mortgage Finance Agency (HMFA). By providing low-interest mortgage loans to homebuyers in eligible towns where they are employed, prospective owners benefit from attractive mortgage rates; more flexible loan application review and underwriting criteria; and reduced commuting times and costs. Currently, 11 municipalities participate in the program, including Jersey City, Rahway and Morristown.
“As a designated Smart Growth community, Paterson is an urban target area for the Live Where You Work program where tree-lined neighborhoods like The Vistas offer unprecedented affordability and financing options,” said Debbie Bertino, vice president of sales and marketing for P&F Management. “The Live Where You Work program is ideal for individuals as well as families.”
Paterson public employees, including police, fire and first aid providers as well as teachers; individuals who work for private entities; and the general public are encouraged to attend the Mayor’s Open House. Participants will be provided with in-depth information, including income and ownership requirements, as well as an overview of housing options now being offered at The Vistas at Great Falls.
Developed by Maplewood Homebuilders, LLC, an affiliate of P&F Management Company, LLC, based in Hillside, N.J., The Vistas is comprised of 120 spacious, elegantly designed homes within Paterson’s Great Falls District. The gated community’s hallmark is its sweeping views of the city’s 77-foot high Great Falls and the surrounding green, open space as well as the Manhattan skyline.
Offering spacious one- and two-story floor plans with two bedrooms and up to 1,269 square feet of living space, The Vistas also feature historic exterior architecture and a host of unique on-site lifestyle amenities, including an exercise room, clubhouse and outdoor pool.
Complimentary refreshments will be served at the Mayor’s Open House and pre-registration is advised due to limited space availability. The Vistas Information and Marketing Center is located at 1 Jasper St. in Paterson. To pre-register or for more information, call The Vistas at Great Falls at (888) 822-0040 or visit www.vistasatgreatfalls.com.
Leave a Reply
You must be logged in to post a comment.