Newark, NJ – Newark’s innovative initiative to boost local homeownership through selling city-owned properties for just one dollar saw its first winners on Monday. This unique program, aimed at revitalizing deteriorated properties, held its initial lottery in City Hall, where seven individuals were chosen in the presence of Mayor Ras Baraka and council members.
The selected winners were part of a group that had pre-qualified last year for the opportunity to purchase these dilapidated, city-owned properties at the nominal price of one dollar. The selection process involved a lottery where keys with the qualifiers’ names were drawn from a spinning basket.
However, these houses are not immediately habitable. Each property, seized by the city due to non-payment of taxes, bills, or other public debts, requires significant renovation or even complete reconstruction. The estimated cost of repairs or rebuilding is in the hundreds of thousands of dollars.
The city’s vision is to transform these one, two, three, and four-family homes into beautifully rehabilitated multi-family residences. This project aligns with broader efforts to revitalize neighborhoods and increase homeownership among locals who might otherwise be unable to afford a home.
In preparation for this venture, hundreds of participants attended workshops last year focusing on homeownership and financial management. These workshops were conducted in collaboration with the Neighborhood Assistance Corp. of America (NACA),