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Only one in four residents own a home in Newark, and with corporations vying to purchase houses and turn them into high cost rentals, it is urgent to provide residents with affordable pathways to homeownership.
The homeownership revitalization program, which many know as the $1 properties program, is specifically for residents of Newark. It enables the low cost sale of city properties to residents who have lived in Newark for five years or more or have been displaced by gentrification.
NACA is the program administrator and also provides low cost mortgages. To discuss this topic and other homeownership options offered by the City of Newark, this episode features conversations with Marcus Randolph, President and CEO of Invest Newark along with Bruce Marks, CEO and Founder of NACA, and Jerrah Crowder the Assistant Director of Newark's Department of Economic and Housing Development department.
Later in the show we dive into a conversation with two Newark residents and homeowners who have benefitted from the homeowenrship options available to Newark residents, and from the NACA mortgage program. Ms. Patricia Hobbs and Ms. Tricia Lubrano will discuss their journey of becoming homeowners and the NACA mortgage process.
Audio Engineer:
Carter "Roc" Mangan Jr.
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