PATERSON, N.J., June 29, 2009 – The Vistas at Great Falls is now marketing Phase II of this new condominium and townhome community nestled atop the cliffs in Paterson, N.J.’s most historic district. The tree-lined neighborhood offers a wide range of incentives, including a federal tax credit for first-time homebuyers, low-interest mortgage financing for those residing and employed within Paterson and a city grant.

The Vistas Phase II 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.

According to Debbie Bertino, vice president of sales and marketing for P&F Management Company, LLC, the developer, almost half of the homebuyers under contract for Phase I are already residing in Paterson. The other half are from other New Jersey towns, including Emerson, Totowa and Belleville.

"The Vistas also has strong appeal among Manhattanites who are seeking more space for their dollar, in a serene setting, just blocks from a 24/7 urban lifestyle, which includes the arts, fine dining and shopping,” she said. Pricing at The Vistas starts at $250,000."

Homebuyers in Today’s Market Benefit from a Range of Incentives
Because of The Vistas’ location and affordability, homebuyers can now take advantage of several federal, state and city incentives. For first-time homebuyers, those who close on a primary residence by December 1, 2009, may benefit from a federal housing tax credit of up to $8,000. 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 urban 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. Benefits for homebuyers include attractive mortgage rates and more flexible loan application review and underwriting criteria.

"To assist prospective homebuyers in navigating the lending and financing process, The Vistas provides free, no-obligation consultations with a representative of Wells Fargo Mortgage,” said Bertino. “Through this service, we can help people 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