“Live Newark” consists of two programs - The “Home Facade Improvement Program” which helps homeowners to make renovations and repairs to the outside of their homes and the “Home Closing Cost Program” for homebuyers in Newark to use for down payment and/or closing costs for the purchase of an owner-occupied residential property.
The loans under these programs will be forgiven if the resident continues to occupy the residence for 5 years after the loan has closed. The loan will carry a 0% interest rate.
Over the past five years, the average annual income of new homeowners benefitting from the Live Newark Closing Cost Program has been $54,000, and the average price of the homes they bought has been $235,386. The program enabled the purchase of homes in all five wards. The Façade Improvement Program has helped residents in every ward and 54 percent of them were over the age of 62.
The goal of this program is to create a Sense of Pride of Ownership, Preserve/Increase the value of residential properties, and Beautify Neighborhoods. It provides up to $40,000 no-interest forgivable loans for owner-occupied homes. The loans may be used for repairs or improvements to the property’s exterior which are intended to beautify the community and may also satisfy code violations or threats to the health, safety and welfare of the occupants or the surrounding community. 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.
The goal of this program in to increase home ownership in Newark. Only 22 percent of Newark households are homeowners, the fourth-lowest rate for a large city. The Closing Cost
Program provides $20,000 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.
This program is similar to the Live Newark Closing Cost Program. It’s goal is to encourage City employees to own homes in Newark. It provides $20,000 no-interest forgivable loans to purchase a home in Newark..
City Hall920 Broad StreetNewark, NJ 07102