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Work and Play Together

PATERSON, NJ-The Housing and Mortgage Finance Agency added Paterson to the list of municipalities participating in the New Jersey Department of Community Affairs' Live Where You Work program.

By Alyson Grala | Updated on May 29, 2009

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.

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