Homeownership Workshops Rally Thousands Of Newark Residents

NEWARK, NJ — Buy a home in Newark? For many people living in New Jersey’s largest city, it’s a dream that they’ve considered out of reach for far too long.

But it doesn’t have to be, advocates say.

On Friday, city officials joined with the nonprofit Neighborhood Assistance Corporation of America (NACA) at the Robert Treat Hotel to kick off a five-day series of “Achieve the Dream” workshops, all aimed at empowering local residents to take the leap into home ownership.

At the event, prospective homebuyers attend an info clinic, then meet with a NACA/HUD-certified counselor and an underwriter. Organizers also determine and establish eligibility for NACA’s “Best in America Mortgage,” which requires no down payment, closing costs or fees.

Eligible homebuyers can apply for $1 property homeownership through the city’s new Homeownership Revitalization Program. Read More: Buy A House For A Buck? Newark Can Sell Homes For $1 Under New Rule

The free, four-hour workshops – which are open to the public – continue until Tuesday, June 27 at 50 Park Place. More than 25,000 people have pre-registered, according to the mayor’s office. Learn more and register here.

In a city where only about 24 percent of residents own homes – and corporate landlords are buying up properties at a record pace – increasing homeownership numbers is one of Newark’s “highest priorities,” Mayor Ras Baraka said.

“It not only serves as a solid foundation for a secure and vibrant life, it builds wealth and stabilizes communities,” Baraka said.

“We need to provide Newarkers with affordable pathways to homeownership,” he added.

“NACA is just getting started in Newark and not going anywhere,” CEO Bruce Marks agreed. “We are committed to working with Mayor Baraka to remove predatory practices in housing, close the wealth disparity and stand on the side of residents who want to continue to call Newark home.”

The increasingly frustrating hurdles to homeownership aren’t unique to Newark, other supporters of this week’s workshops say.

“According to the NAHB, nearly half of U.S. households are unable to afford a house priced at $250,000,” Vantem CEO Chris Anderson said. “With the median home price today at approximately $407,000, according to Redfin, this holds an unbelievable amount of Americans back from achieving a big part of the American dream: becoming homeowners.”

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