Buy A House In Newark For $1: Public Workshop Will Tell You How

NEWARK, NJ — Only one in four Newark residents own their own home. But a city-sponsored program is hoping to change those numbers for the better, officials say.

Last month, the Newark City Council voted to approve an ordinance that creates the Homeownership Revitalization Program. It will allow people who have lived in Newark for at least five years – including those displaced by gentrification – to purchase an “in rem” property owned by the city for as little as $1.

The city is able to sell the properties for any price it deems “reasonable,” which could potentially be less than the price of a candy bar. People participating in the program will only be allowed to buy one property each.

There are a few catches. The new owner must live in the home for at least 10 years. They also need to provide cost estimates for any work that’s needed to bring the property into conformance with state and local codes, and prove that they have the ability to pay for the repairs.

• Read More: Buy A House For A Buck? Newark Can Sell Homes For $1 Under New Rule

The city will hold a public info workshop for interested residents on Monday, June 12. It will take place at 6 p.m. at the council chambers in City Hall, 920 Broad Street.

For more information or to apply, call NACA's Newark Office at 973-679-2601.

“With only one in four Newark residents owning their own home, the Homeownership Revitalization Program is part of Mayor Ras Baraka’s strategy to expand homeownership and promote housing stability and wealth building for city residents,” officials wrote.

“This program is a new way to enable longtime Newark residents to become homeowners at costs that they can afford,” officials added.

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