NEWARK, New Jersey (WABC) — A program in Newark looking to add more local homeowners by selling houses for just one dollar kicked off on Monday.
City officials held the first lottery Monday for the sale of the city-owned properties.
The properties have all been seized by the city for non-payment of taxes, bills, or other public debts.
Pre-qualified city residents packed City Hall on Monday morning to wait for their names to be called.
Mayor Ras Baraka said the plan offers affordable housing and increases equity among the people who live there.
“We have a few properties and as we get more we’ll put more out there, so if you’re not in the lottery and picked today, by God’s grace you’ll be picked sometime in the near soon future,” Baraka said.
In order to qualify for the “Home Ownership Revitalization Program” potential buyers are required to have lived in Newark for at least five years or be city residents displaced by gentrification. Those who win the lottery must commit to live in the properties for at least 10 years.
The first partner and Program Administrator in the Homeownership Revitalization Program is the Neighborhood Assistance Corporation of America (“NACA”).
NACA provides low-interest mortgages to help people become homeowners and help people in financial distress to stay in their homes.
Residents can learn how to apply, or get more information, by calling NACA Newark at 973-679-2601 or accessing the Homeownership Revitalization Program FAQ at tinyurl.com/Dollar-Lottery.
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