On Monday, Mayor Ras J. Baraka, Deputy Mayor of Economic and Housing Development Allison Ladd, Invest Newark President & CEO Marcus Randolph, and NACA Founder and CEO Bruce Marks initiated the Newark Homeownership Revitalization Program (NHRP) lottery. This groundbreaking event, held at Newark City Hall, marks a significant step in promoting affordable homeownership.
The NHRP lottery offers city-owned properties for just $1. These are multi-family homes needing renovation. Buyers must be Newark residents of five years or more or those displaced by gentrification. They must also agree to live in these homes for at least 10 years.
Mayor Baraka emphasized the initiative’s importance, “In Newark, where we work hard to expand homeownership, we have created a wide-ranging strategy to counter the dangerous trend of corporate ownership of rental units. The ‘dollar sale’ initiative is an innovative way to help longtime Newark residents become homeowners at affordable costs.”
NACA, the nation’s largest HUD-approved non-profit homeownership organization, administers Newark’s lottery program. Participants must prequalify as NACA members.
Selection criteria focus on applicants’ financial readiness for homeownership. NACA provides its Best in America mortgage for home rehabilitation or new construction. This includes no down payment, no closing cost, no fee, and no mortgage insurance. It offers a below-market fixed rate, regardless of credit score. NACA’s HUD-certified counselors also offer guidance to ensure successful property redevelopment.
Bruce Marks of NACA views this as a model for national affordable homeownership. “Homebuyers nationwide will demand the Newark model,” he said.
Invest Newark’s Marcus Randolph highlighted the program’s alignment with their mission. “This initiative, similar to our work with the Newark Land Bank, seeks to make homeownership more accessible and develop generational wealth for Newark families,” he stated.
With one of the lowest homeownership rates among major US cities, Newark’s NHRP lottery addresses housing stability and wealth building among residents. It counters the trend of investor-owned homes, which lead to rising rents and reduced owner-occupancy. The program emerges from the city’s work with the Equitable Growth Advisory Commission.
Residents interested in applying or seeking more information can contact NACA Newark at 973-679-2601. They can also access the Homeownership Revitalization Program FAQ at this link.
Photos courtesy of City of Newark Press Office
