As part of his ongoing COVID-19 financial stimulus package, Mayor Ras J. Baraka announced that Newark will add an additional $1 million dollars into its “Live Newark” program, designed to give City residents access to home ownership. Home ownership stabilizes neighborhoods. It’s a key component of Mayor Baraka’s equitable growth vision for the City, in terms of safety, education and economic prosperity. When people own their homes, they have a greater investment in the well-being of their neighborhoods. The $1 million in additional funds will make existing programs available to more residents, at a time when homeownership is endangered by the Covid-19 Crisis.

Programs

Closing Cost Program

• Provides $5000 no interest loans to first-time homebuyers to purchase a home in Newark. The loan is forgiven after the recipient has lived in the home for five years.

Façade Improvement Program

• Creates pride in ownership, preserves or increase the value of residential properties, beautifies neighborhoods by helping to fund facade repair and other external improvements such as repairs to or replacement of roofs, porches, driveways, windows and doors; painting or siding; landscaping, etc. It provides up to a $15,000 no interest forgivable loan for owner-occupied homes.

Municipal Employee Housing Assistance Program

• Provides $5000 no interest loans to City employees to purchase a home as first-time homebuyers in Newark. The loan is forgiven after the recipient has lived in the home for five years.

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