Two-Day Event to Include Free Refreshments, Jazz Music, Tours and Mortgage Advice

PATERSON, N.J., July 7, 2009 – The Vistas at Great Falls, located within one of Paterson, N.J.’s most prominent revitalized historic districts, is hosting a Summer Celebration to mark the launch of Phase II of this new condominium and townhome community. The event is being held on Sat., July 11 and Sun., July 12 from 11 a.m. to 5 p.m. each day. The Vistas is located at 1 Jasper St., in Paterson, N.J.

In addition to complimentary refreshments and tours of the professionally decorated models, attendees can enjoy popular musical selections performed by a two-piece jazz ensemble. Mortgage consultants also will be available to provide free, expert advice to prospective homebuyers about special financing incentives.

“This summer is an ideal opportunity for people from Paterson and northern New Jersey, as well as New York City, to explore homeownership opportunities in Paterson’s most promising emerging district,” said Debbie Bertino, vice president of sales and marketing for P&F Management Company, LLC, the developer. “Rich with history, The Vistas’ tree-lined neighborhood is one of the most picturesque new communities in Paterson. The availability of new, affordable construction, coupled with federal, state and city-sponsored incentives, is virtually unheard of in this market.”

According to Bertino, The Vistas continues to attract interest among those residing or employed within Paterson; urban professionals; and those seeking to relocate from New York City in order to gain more living space and an opportunity to own a home in lieu of paying rent. “Once fully completed, The Vistas will reflect the City of Paterson’s diversity and strengthen the area’s fine restaurants, cultural centers like the Paterson Museum and retail shops,” she said.

The Vistas Phase II, like Phase I which is nearly complete, is comprised of 10 spacious, elegant homes offering one- and two-story floor plans. Each features two-bedrooms, two or two-and-a-half baths and up to 1,269 square feet of living space. In addition to high-end finishes and gourmet kitchens, the homes offer spectacular views of the surrounding city and Manhattan skyline from a private outdoor balcony. Lifestyle amenities include an on-site exercise room, clubhouse and outdoor pool. Pricing starts at $250,000.

As a regional transportation hub, the City of Paterson offers key commuter lines within walking distance or a short drive from The Vistas. Commuter rail service is readily available via New Jersey Transit’s Main Line and the city is the epicenter for extensive NJ Transit and private bus routes throughout Passaic County; neighboring Essex, Bergen and Hudson counties; and New York City’s Port Authority Bus Terminal and George Washington Bridge Bus Station.

In addition to The Vistas’ distinguished architecture and environmentally friendly construction, prospective homebuyers can now take advantage of several federal, state and city incentives. First-time owners may benefit from a federal housing tax credit of up to $8,000 for a primary residence acquired by December 1, 2009. In addition, the City of Paterson is offering a grant of $30,000 for the purchase of a residence valued at $250,000.

Residents of Paterson, or those relocating to the city, who work within the municipality may also be eligible for low-interest mortgages and an expedited loan process available through the “Live Where You Work” Program. Paterson recently joined 12 other municipalities in this statewide initiative to build stronger communities by promoting homeownership and encouraging people to live closer to their jobs.

Offered through the New Jersey Department of Community Affairs, and administered by the Housing and Mortgage Finance Agency (HMFA), Live Where You Work encourages urban redevelopment. The benefits for homebuyers include attractive mortgage rates and more flexible loan application review and underwriting criteria.

“Because of this array of incentives that are available, The Vistas provides free, no-obligation consultations with a representative of Wells Fargo Mortgage,” said Bertino. “We are committed to helping people navigate the maze of incentives and get the most for their money in terms of financing and rebates.”

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.