$1 Homes For Sale In Newark; Public Lottery Will Mark Milestone

NEWARK, NJ — Buy a house for a buck? That’s the dream that’s about to become reality for some lucky Newark families on Monday, when the city launches its first public lottery for a new homeownership program.

Taking place at City Hall at 10 a.m., the lottery will mark a watershed moment for Newark’s Homeownership Revitalization Program.

Under the program, local residents get the chance to buy a city-owned property for as little as $1. See Related: Buy A House For A Buck? Newark Can Sell Homes For $1 Under New Rule

There are a few requirements for the program, which is being run by nonprofit Neighborhood Assistance Corporation of America (NACA) in partnership with the city. They include:

“Program participants must be Newark residents, and commit to reside in the properties for a minimum of 10 years. The selection of Newarkers approved to participate is based upon their ability to carry out financial and other necessary obligations for successful homeownership. All accepted applicants would be eligible for NACA’s Best in America mortgage that requires no down payment, no closing cost, no fee, and no mortgage insurance at a below market fixed rate, without consideration of one’s credit score. Accepted applicants also receive guidance and instruction from NACA’s HUD certified counselors to become well-informed homebuyers and owners who can successfully redevelop their properties.”

It may be too late to get your name into Monday’s lottery drawing. But the good news? The city plans to hold more drawings in the future – and it is open season for applications.

Newark residents can learn how to apply to the program or get more information by calling NACA Newark at 973-679-2601, or accessing the Homeownership Revitalization Program FAQ at tinyurl.com/Dollar-Lottery.

Only one in four people in New Jersey's largest city own their own home, reports say. See Related: Corporations Own Most Of Newark's Homes. New Laws Are Pushing Back

However, Newark has made strides towards increasing the amount of housing available for low and moderate-income residents in recent years, as well as increasing protections for people who rent their homes.

• See Related: 'Affordable' Isn't Affordable: Newark's Plan To Create More Housing
• See Related: City Council Beefs Up Rent Control Laws In Newark
• See Related: Newark Residents Get 'First Dibs' On Affordable Housing Under IZO
• See Related: Newark Trying To Add Housing For Families Earning Under $32,000

Newark also runs a “Closing Costs” program for first-time homebuyers who are trying to purchase a property in the Brick City.

According to the city’s website, the program provides no-interest loans to first-time homebuyers to purchase a home in Newark. Over a five-year period, 20 percent of the loan is forgiven for each full year in which the recipient has lived in the home. Funds can be used for down payments or closing costs. Read More: Newark Council Frees Up More Money For Local Homeowner Programs

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