Urban Homebuyers Benefit from Key Incentives at The Vistas at Great Falls In Paterson, NJ and The Monarch at Plainfield, NJ

By admin • January 12, 2010

PATERSON/PLAINFIELD, NJ, Oct. 7, 2009 – Despite current economic trends, this is a very good time to buy a home, particularly in New Jersey’s cities. Affordability of newly constructed homes, coupled with low mortgage rates and a variety of state and federal programs, are providing solid incentives for potential homeowners.

Among these are the federal tax credit for first-time homebuyers, as well as Federal Housing Administration (FHA) mortgage assistance and New Jersey’s “Live Where You Work” incentive, encompassing low-interest mortgages and an expedited loan process. However, one of these programs is about to expire later this fall.

“The time to take advantage of the federal tax credit is running out,” noted Debbie Bertino, vice president of sales and marketing for P&F Management Company LLC, the developer of newly constructed, affordably priced townhome and condominium communities such as The Vistas at Great Falls in Paterson and The Monarch at Plainfield. “To qualify, a sale must close before December 1, 2009.”

Besides the federal tax credit of $8,000 for new home sales, both new communities have obtained FHA approval for mortgage financing assistance. Administered by FHA-approved lenders, the program offers a fixed-rate, 30-year mortgage for condominiums. Instead of the traditional 20 to 30 percent down, prospective buyers may pay as little as 3.5 percent of the cost of the home at closing.

“This designation makes ownership at communities like The Vistas at Great Falls and The Monarch a reality for buyers who can afford the monthly mortgage payment but might not have enough saved for a down payment,” Bertino said. “With affordability better than ever, especially for new construction, and with mortgage rates at historic lows, homebuyers have the opportunity to start building equity now.”

In addition, homebuyers at The Vistas at Great Falls may benefit from New Jersey’s “Live Where You Work” initiative. Residents of Paterson or those relocating to the city who also work there may be eligible for the program’s benefits. “Live Where You Work” is offered through the New Jersey Department of Community Affairs and administered by the Housing and Mortgage Finance Agency. The City of Paterson also is offering a grant of $30,000 for the purchase of a residence valued at $250,000.

P&F Management is currently marketing Phase II of The Vistas, a condominium and townhome community on Jasper Street comprised of 120 spacious, elegantly designed homes. Each offers a one- or two-story floor plan, with up to 1,269 square feet of living space, and high-end finishes, gourmet kitchens and balcony views of the city of Paterson as well as the Manhattan skyline. Pricing starts at $250,000.

Condominiums at The Monarch at Plainfield, located at 400 East Front St., meanwhile, range from 1,120 to 1,289 square feet, with pricing starting in the low $200,000s. Situated in Plainfield’s revitalized downtown area, each of the 63 upscale two-bedroom, two-bathroom units feature high-end finishes, gourmet kitchens and views of the surrounding streetscape and private courtyard garden terrace, all near shopping, dining and transportation.

“Both of these communities are near transportation hubs, which greatly appeals to commuters and New York renters seeking more living space for less than they are paying for monthly rent,” Bertino said. “The urban locations for both The Vistas at Great Falls, with its historic setting and tree-lined streetscape, and The Monarch, with its proximity to two major rail stations and downtown amenities, provide additional incentives for prospective buyers. Given the current federal, state and city incentives, there has never been a better time to buy a home.”

P&F Management, through affiliates Maplewood Homebuilders and Dornoch Holdings, is a leading owner and builder committed to urban redevelopment throughout New Jersey. The company is a multi-faceted real estate investment company specializing in the acquisition, repositioning and redevelopment of underutilized real estate assets and portfolios.