Groups Rehab Dozens of Abandoned Newark Homes

The Community Asset Preservation Corp., the city of Newark, YouthBuild Newark and other organizations recently assembled for a ribbon-cutting ceremony located at 52 and 54 Blum St. to celebrate the completion of dozens of new units of affordable housing.

CAPC and the other groups rehabilitated a total of 15 foreclosed homes, creating 32 total units of new housing. It is one of the largest foreclosure recovery efforts in Newark to date, CAPC said.  

In 2009, CAPC dedicated resources to revitalize neighborhoods that had been hit hard by the foreclosure crisis. CAPC acquired abandoned and foreclosed homes, which were driving down real estate values at neighboring homes and attracting crime.

CAPC is a public-purpose, non-profit real estate entity formed in 2008 with a mission of stabilizing neighborhoods and improving communities. In 2009, CAPC became the real estate development subsidiary of New Jersey Community Capital (NJCC). CAPC utilizes its strong partnerships with local community developers and NJCC to ensure these properties are redeveloped and put back into community use, particularly for the purpose of long-term affordable housing.

CAPC has been involved with nearly $75 million in real estate development projects since 2009, which includes 250 affordable units, returning between 50 and 75 units into the housing market each year.