Program Highlights Opportunities for Homeownership at The Vistas at Great Falls and within Paterson for Those Employed Throughout the City

PATERSON, N.J., May 28, 2009 – The City of Paterson has joined 12 other municipalities in the New Jersey Department of Community Affairs’ Live Where You Work Program, a statewide initiative encouraging urban redevelopment through low-interest mortgages and an expedited loan process, announced Mayor Jose “Joey” Torres at The Vistas at Great Falls. The program, which is administered by the Housing and Mortgage Finance Agency (HMFA), is designed to build stronger communities by promoting homeownership and encouraging people to live closer to their jobs.

The mayor was joined by Joseph V. Doria, Jr., commissioner of the Department of Community Affairs, and Marge DellaVecchia, HMFA’s executive director.

“Live Where You Work” was developed by HMFA in partnership with designated cities, many of which are Smart Growth communities. Benefits for homebuyers include attractive mortgage rates and more flexible loan application review and underwriting criteria. In addition, buyers may benefit from a federal housing tax credit of up to $8,000 for first-time owners and a city grant of $30,000 for the purchase of a residence valued at $250,000. To assist prospective buyers with these options and incentives, The Vistas provides free, no-obligation consultations with a representative of Wells Fargo Mortgage.

“The City of Paterson’s participation in the Live Where You Work program is a catalyst for the economy and an opportunity to preserve the environment through reduced pollution associated with commuting,” said Glen Fishman, chief executive officer and founder of P&F Management Company, LLC, the developer. “The Vistas at Great Falls is at the center of this effort, offering a newly built tree-lined neighborhood that is affordable and unique in terms of location and amenities.”

The setting of Paterson’s Great Falls District was the birthplace of America’s industrial revolution, is home to the magnificent 77-foot-high Great Falls and was recently designated a National Historical Park. Within this remarkable setting, The Vistas offers one- and two-story floor plans with two or two-and-a-half baths, all with balconies. Prices start at $250,000.

“The Vistas offers a suburban lifestyle, within an urban setting, that you won’t find elsewhere,” said Debbie Bertino, P&F’s vice president of sales and management. “The homes have spacious living and dining rooms; feature dens; and the gourmet kitchens have granite countertops and upscale appliances. The clubhouse comes with a fully equipped fitness center and an outdoor pool and is available for personal gatherings and entertainment.”

Located at the highest point of Paterson, The Vistas provides sweeping views of the Manhattan skyline. The community incorporates Belgian block curbing, historic street lighting and architectural features and large shade trees. Parking is included, and the homes are available for immediate occupancy.

“These are quality-constructed, maintenance-free homes,” added Bertino. “The Vistas offers a wonderful opportunity to buy a brand-new home, for the cost of renting, and to start building equity today.”

Development of The Vistas at Great Falls was spearheaded by P&F’s subsidiary, Maplewood Homebuilders. P&F is a multi-faceted real estate investment company specializing in the acquisition, repositioning and redevelopment of underutilized real estate assets and portfolios. For more information about The Vistas at Great Falls and how homeowners can take advantage of the new incentives, call (888) 822-0040, visit the web site www.vistasatgreatfalls.com or stop by the Information and Marketing Center, located at 1 Jasper St. in Paterson.

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About P&F Management Company LLC

PHOTO CAPTION:
The City of Paterson has joined 12 other municipalities in the New Jersey Department of Community Affairs’ (DCA) Live Where You Work Program, designed by the Housing and Mortgage Finance Agency (HMFA) to promote homeownership in close proximity to centers of employment. Mayor Jose “Joey” Torres made the announcement at The Vistas at Great Falls, a newly constructed condominium and townhome community developed by P&F Management Company, LLC, that reflects opportunities for affordable homeownership in the revitalized Great Falls District. Torres (center) was joined by (left to right) Prisco DeMercurio, P&F’s chief operating officer; Ed Collins, HMFA’s outreach coordinator; Marge DellaVecchia, HMFA executive director; Joseph V. Doria, Jr., DCA commissioner; Glen Fishman, chief executive officer and founder of P&F; and Warren King of P&F, project manger.