Newark, NJ – November 29, 2022 – Mayor Ras J. Baraka joined Newark Municipal Council Members, Invest Newark President and CEO Marcus Randolph, Youth Build Founder and CEO Robert Clark, and other dignitaries in a ceremony today to present four Newark families with keys to their first homes at 223 Peshine Avenue.
The residents became first-time homeowners under the Newark Land Bank Section 8 Homeownership Conversion Program (S8HCP), which is supported by a $125,000 grant from Wells Fargo, a $1.2 million construction loan from the Local Initiatives Support Corporation (LISC), and a $500,000 program-related investment from the Victoria Foundation.
“Our administration has committed itself to creating pathways for more Newark residents to become homeowners, no matter their income level. Today we are welcoming more residents into their new homes, so that they can enjoy the independence and empowerment of achieving the American Dream of Home Ownership,” said Mayor Baraka. “We thank the Invest Newark and the Land Bank team for successfully collaborating with us to make this day happen and for continuing to transform blighted properties into vibrant neighborhoods.”
“Homeownership is the first step to building sustainable wealth, and the Newark Land Bank is giving Newark residents an avenue to own a home for the first time. We welcome these residents into their brand new homes and look forward to continuing to expand this monumental program across the city of Newark,” said Marcus Randolph, President and CEO of Invest Newark.
The recipients of the properties were chosen via a lottery system for a portion of the 5,365 active Section 8 voucher holders that qualify for a mortgage through Neighborhood Assistance Corporation of America (NACA). Participants complete mandatory credit and post-homeownership counseling that will be conducted by the HUD Certified Urban League of Essex County (ULEC).
Patricia Hobbs, a lifelong Newark resident who received the keys to her home today, shared that she had never thought she would own a home up until two years ago when she first heard about the Newark Land Bank Section 8 Homeownership Conversion program. From then on, she began to picture herself in a three-bedroom, two-bath home, with a driveway and a backyard. “I wrote it down every single day that I would be a homeowner,” she said.
Transforming blighted city-owned properties into viable community and economic development opportunities for all Newarkers is the mission of the Newark Land Bank. It began operations in March of 2021 and partners with community groups and responsible developers to strategically acquire, maintain, and repurpose vacant, abandoned, and foreclosed properties, and efficiently return them to productive use.
The program focuses on investing in existing neighborhoods, utilizing local minority and/or women-owned business enterprises (M/WBE) contractors or non-profit partners to redevelop these properties, investing in local Newark businesses.
223 Peshine Avenue was renovated by a team from the non-profit organization YouthBuild where young people learn on-the-job construction skills while obtaining their GED. CEO Robert Clark shared, “Young people rebuilding their communities is what YouthBuild stands on and this project, and the visionary leadership of Mayor Baraka for an affordable Newark coupled with the talented execution from the Invest Newark team provides a model of a committed, capable collective.”
For more information on the Newark Land Bank and Section 8 Homeownership Program, see here.
For photos of the event, click here.
For livestream of the event, click here.
About Invest Newark
Invest Newark, the City of Newark’s Economic Development Corporation, propels the City’s strong and diverse economy, builds vibrant communities, and creates opportunities for all Newarkers. Invest Newark supports small, women and minority-owned businesses, invests in world-class internet service, spurs real estate development and executes economic development activities to produce and sustain economic growth, generate jobs and create wealth for the citizens of Newark. https://investnewark.org/
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