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AN ORDINANCE AMENDING TITLE II, CHAPTER 10, DEPARTMENT OF ECONOMIC AND HOUSING DEVELOPMENT, OF THE REVISED GENERAL ORDINANCES OF THE CITY OF NEWARK, NEW JERSEY, 2000, AS AMENDED AND SUPPLEMENTED, BY CREATING AND ESTABLISHING A NEW SECTION 9, ENTITLED "HOMEOWNERSHIP REVITALIZATION PROGRAM," AND RULES FOR QUALIFYING RESIDENTS TO PURCHASE AND DEVELOP CITY-OWNED PROPERTIES UNDER THE PROGRAM.
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WHEREAS, the City of Newark ("City") has determined that the continuance of a shortage of affordable housing to the City's residents is harmful to the health, prosperity, economic stability and general welfare of the City; and
WHEREAS, the City finds that these circumstances in the City require proactive and meaningful action to reduce the displacement of vulnerable City's residents, while continuing to promote the development of housing and amenities for current and future residents of the City; and
WHEREAS, the City finds that gentrification and displacement exacerbate historic patterns of racial and economic segregation, deepen concentrations of poverty and wealth, and widen disparities in access to good schools, jobs, healthcare, and other amenities; and
WHEREAS, the percentage of housing in the City that is owner-occupied is very low and through the Homeownership Revitalization Program the City wishes to expand homeownership and promote housing stability and wealth building among City residents; and
WHEREAS, homeownership is the primary way that low and moderate-income families in the United States can build wealth and achieve financial stability; and
WHEREAS, the City's inventory of properties is a key resource which can be leveraged to ensure development of quality affordable housing for current and future residents of the City; and
WHEREAS, the City, in recognition of the shortage of decent housing affordable to working families within the City, encourages the purchase of in rem City-owned properties located w...
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