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PATERSON, N.J., Aug. 21, 2009 – The Vistas at Great Falls, a new townhome and condominium community in Paterson, N.J., continues to attract city teachers and working-class professionals seeking to benefit from Paterson’s involvement in the New Jersey Live Where You Work Program, according to Debbie Bertino, vice president of sales and marketing for the developer, P&F Management Company, LLC.
 
Since Paterson joined 12 other municipalities in the statewide program in May, teachers; police, fire and first responders; and medical professionals employed at area physician offices, diagnostic imaging centers and medical facilities have been inquiring about the low-interest mortgage program. In addition to Live Where You Work, prospective homebuyers also are learning about several federal and city incentives from on-site mortgage consultants.

 
“The summer months have been quite active at The Vistas at Great Falls, indicating a rise in consumer confidence among those employed in occupations that are traditionally recession-proof,” explained Bertino. “The benefits of living in close proximity to where one works are multi-fold. These include decreased commuting times and costs associated with bus or train fares and gasoline, less wear and tear on a vehicle and a better quality of life that comes with reduced stress and more free time for leisure activities.”     
 
Established 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. Residents of Paterson, or those relocating to the urban municipality, may be eligible. In addition to low-interest mortgage financing, eligible homebuyers benefit from more flexible loan application procedures and underwriting criteria as well as an expedited financing process.
 
First-time owners also may benefit from a federal housing tax credit of up to $8,000 for a primary residence closed by December 1, 2009. In addition, the City of Paterson is offering a grant of $30,000 for the purchase of a residence that meets specific criteria, including being valued at $250,000.
 
According to Bertino, this new initiative to build stronger communities coincides with the opening of The Vistas, the only newly constructed, affordably priced lifestyle community in Paterson. “Now, more than ever before, people employed within the city have an opportunity to own a new, quality-built home, perfectly suited for individuals or families, in what promises to be an emerging neighborhood,” she said. 
 
Phase I Completed; Phase II to Begin Construction
The community has completed all 10 residences in Phase I and is now marketing Phase II. Each spacious, elegant home features one- and two-story floor plans with 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.
 
Located within Paterson’s historic Great Falls District, The Vistas is a tree-lined community 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 our nation’s 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 Park.
 
“Because of its strategic location, The Vistas also appeals to New York City renters seeking to own a home, with more living space than a rental unit, near major mass transportation centers,” added Bertino. The City of Paterson offers key commuter lines within walking distance or a short drive from The Vistas. 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 to New York City’s Port Authority Bus Terminal and George Washington Bridge Bus Station.
 
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.