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AN ORDINANCE AMENDING TITLE II, ADMINISTRATION, CHAPTER 10, DEPARTMENT OF ECONOMIC AND HOUSING DEVELOPMENT, BY CREATING SECTION 9, AFFORDABLE HOUSING DEED RESTRICTION, OF THE REVISED GENERAL ORDINANCES OF THE CITY OF NEWARK, NEW JERSEY, 2000, AS AMENDED AND SUPPLEMENTED, REQUIRING AN AFFORDABLE HOUSING DEED RESTRICTION TO BE RECORDED UPON THE SALE OF UP TO FIFTY PERCENT OF THE CITY'S PROPERTY STOCK, ALSO ALLOWING CERTIFIED NON-PROFIT HOUSING DEVELOPERS A RIGHT OF FIRST REFUSAL TO PURCHASE CITY-OWNED PROPERTY.
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WHEREAS, the City of Newark (the "City") has determined that the continuance of a shortage of affordable housing to persons of low income is harmful to the health, prosperity, economic stability and general welfare of the City; and
WHEREAS, due to the shortage of affordable housing and the recent increase in home values over the past few years it has resulted in existing residents being vulnerable to increasing rents and displacement; and
WHEREAS, the City finds that the proximity to other high-cost areas and the pending development throughout the City, along with future projects in the City, have the potential to attract increased investment and development in the community, creating increases in housing costs, loss of housing affordability and displacement of low and moderate income residents; and
WHEREAS, the City finds that these circumstances require proactive and meaningful action to reduce the displacement of vulnerable Newark households, while continuing to promote affordable housing 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 City's inventory of Property, as defined herein, is a key re...
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