One of the key priorities of the Newark Land Bank (“NLB”) is to boost homeownership opportunities for Newark residents. The Resident Advantage Homeownership sale is designed exclusively for Newark residents who are looking to become First-Time, Owner-Occupied Home Buyers. The sale is designed to ensure that existing residents have an equitable opportunity to achieve the dream of homeownership in the City of Newark.
Buyers are required to reside in the property as their principal residence for seven (7) consecutive years.
Properties purchased through the Resident Advantage Sale are subject to a deed restriction for a period of 20 years. click here for restriction details.
Buyers must show proof of ability to finance, at a minimum, the cost of acquisition & renovation (property bid amount plus the total cost of renovation plus 10% renovation reserve amount)
Applicants, at their sole expense, may hire licensed contractors to perform rehabilitation work on their behalf. NLB assumes no liability for contractors hired by the applicant.
Properties are sold to the most qualified bidder.
Carefully read and understand the Resident Advantage Homeownership Policy. click here to view and download
Register to create an NLB account
Complete the Homeownership Purchase Application and Pay the $50 non-refundable application fee
Submit application
NLB will schedule a date for qualified applicants to inspect the property
Should you wish to proceed, complete and submit the Bid Package
The sale will then follow the same processing guidelines outlined in the applicable PRO Newark Homeownership or Move-In Ready Policy
Non-Newark residents are able to purchase properties through a PRO Newark Homeownership or Move-In Ready sale