Work and Play Together

PATERSON, NJ-The City of Paterson recently 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. The program, which is administered by the Housing and Mortgage Finance Agency, is designed to build stronger communities by promoting homeownership and encouraging people to live closer to their jobs.

Mayor Jose Torres made the announcement at the Vistas at Great Falls, a 120-unit condominiums and town home community in Paterson, which is at the center of this effort. He 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,” says Glen Fishman, chief executive officer and founder of Vistas’ developer P&F Management Company LLC.

“These are quality-constructed, maintenance-free homes,” adds Debbie Bertino, P&F’s vice president of sales and management. “The Vistas offers an 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.