View Larger Map Incentive program credited for boosting Jersey City condo sales Tuesday, November 16, 2010, 10:22 AM Karina Arrue/The Jersey Journal Jersey City Mayor Jerramiah T. Healy speaks at the city's launch of the "Live Where You Work" program in 2008. An incentive program offering 30-or 40-year, low-interest mortgages for brand new units at the Summit Heights Condos is making the complex an attractive option for teachers and others who work in Jersey City. Potential buyers that qualify for the Jersey City Live Where You Work program will receive fixed-interest, no money down mortgages for 1,100-square-foot, two-bedroom apartments. The apartments, located at Summit Avenue and Secaucus Road, are selling for $268,000, according to the developer, Paul DeBellis Jr. of Cityline Properties based in West Paterson. The interest rate on a 30-year fixed mortgage is 4.5 percent, DeBellis said, noting monthly payments would come to $1,491. The mortgages are administered by the state Housing and Mortgage Finance Agency. The goal of the Live Where You Work program is to build stronger communities by promoting homeownership and encouraging people to live closer to their jobs, which in turn reduces the use of cars and increases the use of walking, biking and public transit, according to the state agency's website. So far, four school teachers, two police officers and a county court worker have availed themselves of the incentive program, said DeBellis, noting that 30 of the 45 units are under contract. "It is a very positive thing," DeBellis said. "A schoolteacher that makes $45,000 would not be able to afford a brand new two-bedroom, two-bathroom condo (in Jersey City) without help."