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PATERSON, NJ-P&F Management Co. LLC is set to launch phase two of the Vistas condominium community at 1 Jasper St. here. Similar to phase one, which is nearing completion, the second phase is comprised of 10 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. Pricing starts at $250,000.

According to P&F’s vice president of sales and marketing Debbie Bertino, first-time owners could 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 also 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.

“Because of this array of incentives that are available, the Vistas provides free, no-obligation consultations with a representative of Wells Fargo Mortgage,” Bertino says. “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 is spearheaded by P&F’s subsidiary, Maplewood Homebuilders.

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