NEWARK, New Jersey (WABC) -- A program in Newark is looking to add more local homeowners by selling houses for just one dollar.
The properties have all been seized by the city for non-payment of taxes, bills, or other public debts.
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.
"Across America, LLCs are buying up owner-occupied homes and turning them into corporately owned expensive rental units," Newark Mayor Ras Baraka said. "In Newark, where we work hard to expand homeownership, we have created a wide-ranging strategy to do everything possible to counter this dangerous trend. The Homeownership Revitalization Program is a new way to enable longtime Newark residents to become homeowners at costs that they can afford."
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.
"We are very excited to partner with Mayor Baraka. This will be a national model where community residents can purchase a vacant residential home or lot for $1 and then renovate or build a beautiful affordable home. Everyone gets NACA's Best in America Mortgage: no down payment, no closing cost, no fee, and no mortgage insurance at a below-market fixed rate without consideration of one's credit score," said Bruce Marks, NACA founder and CEO, in a press release.
The city is currently putting a list of available properties together.
They will be put up for sale once that list is posted online.
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