Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Affordable Housing Agreement to enable Newark residents to purchase properties which the City has acquired for homeownership
Purpose: Home ownership
Entity Name: City of Newark
Entity Address: 920 Broad Street, Newark, NJ 07102
Grant Amount: No City funds required
Funding Source:
Contract Period: Program would begin as soon as Municipal Council authorizes
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
Additional Information:
This legislation has been placed directly on the agenda as instructed by the sponsor.
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WHEREAS, as part of its responsibility to promote and foster economic and housing development in the City of Newark, the Department of Economic and Housing Development, Division of Housing and Real Estate (hereinafter, “DEHD”) seeks to make available opportunities for home ownership in the City; and
WHEREAS, DEHD has surveyed the condition of residential properties in the City of Newarkand determined that there are currently or will be a underutilized residential properties owned by the City, acquired by means of in rem tax foreclosure or condemnation following placement on the City’s Abandoned Properties list pursuant to the Abandoned Properties Rehabilitation Act, that, with appropriate rehabilitation, could be returned to productive use as residences; and
WHEREAS, as a means of returning these properties to productive use and providing home ownership opportunities, DEHD has developed a homestead program, whereby these properties will be sold, at private sale, to first-time homebuyers willing to both (1) rehabilita...
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