Newark is running a program that allows city residents to purchase properties that were seized by the city for non-payment of taxes, bills, or other public debts. Potential homebuyers can buy the houses for low prices, but to qualify for any purchases, they are required to have lived in Newark for at least five years or be able to prove that they have been displaced by gentrification.
Through the city’s “Home Ownership Revitalization Program,” in partnership with the Neighborhood Assistance Corporation of America (NACA), Newark’s homebuying program is designed to help more local residents become homeowners and help out homeowners who are in financial trouble and might need help trying to keep and stay in their homes.
“With one in four Newarkers owning their own home, the Homeownership Revitalization Program is a key strategy the city will execute to expand homeownership and promote housing stability and wealth-building among city residents,” a press release from Newark said.
The ordinance is a recommendation that grew out of the city’s work with its Equitable Growth Advisory Commission.
“All qualified Newark residents may submit an application to purchase a property in the program,” the statement said. “Prospective buyers must be Newark residents and must commit to reside in the properties for a minimum of 10 years. The properties will contain a deed restriction that states that the purchaser or any subsequent purchaser can have their property taken back by the city for any failure to comply. The minimum purchase prices of properties under this ordinance are flexible on terms that the city deems reasonable and could permit the sale of properties for one dollar with a mortgage covering the cost of construction or rehabilitation.”
To learn more about the program, contact NACA Newark at 973-679-2601.