The City of Newark is moving forward with a bold community reinvestment effort aimed at transforming vacant and distressed residential properties into long-term affordable housing—while prioritizing Newark-based developers with a proven local track record.
At a public informational meeting held Friday afternoon in City Hall’s Council Chambers, officials from the City of Newark outlined the details of a new Community Redevelopment Initiative led by the Department of Economic & Housing Development (EHD).
The initiative makes six city-owned residential properties available for redevelopment at a nominal sale price of $100 per property, with the goal of returning underutilized housing stock to productive use while stabilizing neighborhoods and expanding affordable rental options.
What the Program Offers…