Invest Newark, Newark’s Economic Development Corporation, is hosting a ribbon cutting event for the organization’s “Section 8 Homeownership Conversion Program,” where they will hand over the keys of subsidized redeveloped properties to three families. The event will mark the beginning of the newly-operational program. The formerly blighted properties rehabbed by Newark-based MWBE contractors are move-in ready for the families, who have been selected through a lottery.
This partnership of public and private sector stakeholders is part of Newark Mayor Ras J. Baraka’s strategy to increase homeownership opportunities for low- and moderate-income families. The Section 8 Homeownership Conversion Program uses properties transferred to the Land Bank from the City of Newark’s Department of Economic and Housing Development. Invest Newark’s program empowers renters to become first-time homebuyers, creates access to capital and more equitable opportunities for MWBE contractors across Newark.
