Mayor's Housing Announcement

Are you looking to buy a home? Do you live in the city of Newark? Do you have at least a dollar? If you answered yes to any of these questions, then Mayor Baraka has the perfect program for you.                            

             
Current residents of the largest city in New Jersey have a shot at buying a home for as little as $1 down. Under the Home ownership Revitalization Program, small residential properties confiscated for non-payment of taxes, water bills or other public debts are marketed at foreordained marginal prices to qualifying residents.    

A total of 12 potential buyers could pitch per property under the Homeownership Revitalization Program, launched immediately after the final approval from Newark Municipal Council.    

With this program, residents of Newark for a total of five years or longer or have been displaced by gentrification can buy low-cost properties. The properties will be used for one, two, three, and four family homes. With this initiative, buyers will be able to get homebuyer counseling, which will create knowledgeable owners who will be able to successfully redevelop their properties.    

Individuals who take part in the program will acquire an understanding of home ownership, including but not limited to the borrowing process, their housing needs, home maintenance, and household budget and so much more. The Home ownership Revitalization Program is a way for Newark to allow longtime residents to become homeowners at costs that they can afford.

One and four residents in Newark currently own their homes. The mayor believes the Home ownership Revitalization Program is instrumental to expand home ownership and promote housing stability and wealth building in Newark. This stemmed from the Equitable Growth Advisory Commission.