Title
AN ORDINANCE AUTHORIZING THE TRANSFER OF CERTAIN CITY OF NEWARK OWNED PROPERTIES TO INVEST NEWARK, PURSUANT TO THE HOMEOWNERSHIP REVITIALIZATION PROGRAM TO BE DEVELOPED AND OWNED BY NEWARK RESIDENTS.
body
WHEREAS, by Ordinance 6PSF-c, adopted on May 3, 2023, (the "Ordinance") codified in the City's Municipal Code as ? 2:10-10, the Municipal Council established the Homeownership Revitalization Program (the "Program") within the Department of Economic and Housing Development (the "Department"); and
WHEREAS, the Program was established as a way to promote the transfer of vacant lots and residential properties acquired by the City of Newark (the "City") through in rem foreclosures to Newark resident buyers who intend to construct a one, two, three, or four-unit residential structure(s) on the transferred property, pursuant to the terms and conditions of the Program; and
WHEREAS, pursuant to the Ordinance, the Program is to be administered by the Deputy Mayor/Director of the Department of Economic and Housing Development (the "EHD Director") and/or her designee or an administrative agent that is contracted by the City (the "Program Administrator"); and
WHEREAS, the EHD Director wishes to work with Invest Newark and the Neighborhood Assistance Corporation of America ("NACA"), to assist the City with administration of the Program and ensure that the properties transferred by the City to Invest Newark under the Program are developed in a manner that is consistent with the Program; and
WHEREAS, Invest Newark is a New Jersey non-profit corporation which is the primary economic development catalyst for the City and was organized in 2007 by the City to spur real estate development throughout the City's diverse neighborhoods; and
WHEREAS, NACA is a non-profit, community advocacy and homeownership organization with a primary goal of building strong, healthy neighborhoods in urban and rural areas nationwide through affordable ho...
Click here for full text