Mayor Ras J. Baraka joined Neighborhood Assistance Corporation of America (NACA) Founder and CEO Bruce Marks, and Vantem CEO Chris Anderson to kick off NACA’s five-day homebuyer Achieve the Dream event today at the Robert Treat Hotel to provide Newark residents with workshops and a variety of innovative, inclusive pathways to affordable homeownership. The event will also determine and establish eligibility for NACA’s Best in America Mortgage, whichrequires no down payment, closing costs, or fees.
With25,000 individuals pre-registered, thousands of homebuyers throughout Newark and the tristate area are expected to attend the confab, which will run from today, June 23, through Tuesday, June 27. Doors are open from 8 a.m. to 8 p.m. each day, at the Robert Treat Hotel, located at 50 Park Place in downtown Newark.
“Homeownership in Newark is one of our highest priorities. It not only serves as a solid foundation for a secure and vibrant life, it builds wealth and stabilizes communities,” Mayor Baraka said. “With only about 24 percent of city residents owning their own homes right now, and corporations trying to purchasing houses for rental investments, we need to provide Newarkers with affordable pathways to homeownership. I’m extremely grateful to NACA for its innovative and unwavering commitment to helping our residents achieve the American dream.”
The event will provide low- and moderate-income homebuyers access to NACA’s Best in America Mortgage, which features no down-payment, no closing costs, no fees, no mortgage insurance, and a below market fixed interest rate (4.375% fixed 30-year loan/3.375% fixed 15-year loan as of August 3, 2022) without consideration of one’s credit score. NACA has more than $20 billion committed to this mortgage with $15 billion from Bank of America.
“The next five days will be nothing short of amazing as Newark residents obtain the full spectrum of tools for affordable homeownership, from household budgeting to NACA’s Homeownership Through Public Housing Assistance program and the $1 Home Revitalization Program,” said Mr. Marks. “NACA is just getting started in Newark and not going anywhere. 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.”
“According to the NAHB, nearly half of U.S. households are unable to afford a house priced at $250,000. 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,” said Mr. Anderson. “Vantem and NACA share a similar goal of bringing affordability back into homeownership as Vantem simplifies construction and introduces energy efficiency into the home to make it more cost-effective and scalable, while NACA works to increase access to affordable mortgages in the City of Newark and throughout the United States.”
At this one-stop Achieve the Dream event, the homebuyer attends a workshop, meets with a NACA HUD certified counselor and then an underwriter, with many being NACA qualified same day for NACA’s Best in America Mortgage. Eligible homebuyers can apply for $1 property homeownership.
Started in 1988, NACA is the largest HUD-approved nonprofit, community advocacy and homeownership organization in the United States. NACA has been the forefront infighting predatory lending and has been the most effective organization in providing affordable solutions to over 250,000 homeowners during the mortgage crisis. NACA provides the best mortgage in the country through its forty-five offices nationwide. NACA’s founder and CEO Bruce Marks was named Bostonian of the Year for 2007 for his work getting the major lenders and servicers to modify home loans. He has also testified before Congress on numerous occasions including September 12, 2000, being one of the few to sound the alarm of the pending mortgage crisis. For more information, please visit www.naca.com.
For photos of the event, click here.