Paterson, N.J. Mayor José “Joey” Torres addresses Paterson’s involvement in New Jersey’s Live Where You Work Program at The Vistas at Great Falls

By admin • April 8, 2009

NEWS RELEASE

P&F Management Company, LLC
1350 Liberty Avenue, Building 20
Hillside, New Jersey 07205

Media Contact: Carin McDonald: carin@caryl.com, (201) 796-7788

“The benefits of the Live Where Your Work Program extend to everyone, from long-time residents to new homebuyers. Paterson strengthens its existing and new neighborhoods, like The Vistas; individuals and families can realize their dream of owning a home; pollution will decrease as a result of reduced commuting times; and the local economy receives a boost when people live, work and shop in their town.”
– Mayor Torres

MAYOR JOSÉ “JOEY” TORRES ANNOUNCES PATERSON’S LIVE WHERE YOU WORK INITIATIVE AT THE VISTAS AT GREAT FALLS
Public and Private-Sector Employees are Eligible for Homeownership Incentives under the Innovative Statewide Program

PATERSON, N.J., April 8, 2009 – Public and private sector employees will soon be able to take advantage of special incentives if they purchase a home and are employed within the City of Paterson, according to Mayor José “Joey” Torres. The mayor recently made the announcement at The Vistas at Great Falls, Paterson’s newest, affordably priced condominium and townhome community which was developed by P&F Management Company, LLC.

Torres provided an overview of the new ““Live Where You Work” program and incentives, which include incomparable mortgage rates and a less rigid loan process. Additionally, qualified homebuyers can benefit from a new federal tax credit of up to $8,000 and a grant up to $30,000 offered by the city, for the purchase of a residence valued at $250,000. Currently, 11 municipalities throughout New Jersey are involved in the program.

“The benefits of the Live Where Your Work Program extend to everyone, from long-time residents to new homebuyers,” noted Torres. “Paterson strengthens its existing and new neighborhoods, like The Vistas; individuals and families can realize their dream of owning a home; pollution will decrease as a result of reduced commuting times; and the local economy receives a boost when people live, work and shop in their town.”

Developed by the New Jersey Department of Community Affairs, Live Where You Work
is offered by the Housing and Mortgage Finance Agency (HMFA) in partnership with designated municipalities, many of which are Smart Growth communities. In addition to low-interest mortgage financing, eligible homebuyers benefit from a more flexible loan application process and underwriting criteria.

“At a time when homeownership seems to be out of reach for many people due to strict lending guidelines, the City of Paterson is joining Live Where Your Work to catalyze the local economy and restore neighborhoods like the Great Falls District back to their original prominence,” said Glen Fishman, chief executive officer and founder of P&F Management. “The Vistas at Great Falls is at the center of this revival because the community offers affordability and a unique lifestyle, key factors which have eluded homebuyers in this current economic market.”

The Vistas is a tree-lined community within Paterson’s historic Great Falls District, with sweeping views of the city’s 77-foot-high Great Falls and the Manhattan skyline. Nestled within an area of green, open space, the Great Falls played a key role in United States history by providing hydroelectric power at the start of the Industrial Revolution in the 18th Century. The Great Falls were recently designated as a National Historical Park.

Offering one- and two-story floor plans with two bedrooms, The Vistas provide up to 1,269 square feet of living space. The community features historic exterior architecture and a host of on-site lifestyle amenities, including an exercise room, clubhouse and outdoor pool.

P&F Management, through its affiliates Maplewood Homebuilders and Dornoch Holdings, is a leading owner and builder committed to urban redevelopment in cities throughout New Jersey. Additional projects include the Rahway Transit Village, The Monarch in Plainfield and the environmental remediation of a site targeted for residential development in Hackensack, N.J.

For more information about Live Where Your Work, call 1-800-NJHOUSE or visit the website www.state.nj.us/dca/hmfa. To learn more about The Vistas at Great Falls, call (888) 822-0040, visit the website www.vistasatgreatfalls.com or stop by the Information and Marketing Center, located at 1 Jasper St. in Paterson.