Buy a house for a buck? That’s the dream that’s about to become reality for some lucky Newark families on Monday, when the city launches its first public lottery for a new homeownership program.
Taking place at City Hall at 10 a.m., the lottery will mark a watershed moment for Newark’s Homeownership Revitalization Program.
Under the program, local residents get the chance to buy a city-owned property for as little as $1.
“Program participants must be Newark residents, and commit to reside in the properties for a minimum of 10 years. The selection of Newarkers approved to participate is based upon their ability to carry out financial and other necessary obligations for successful homeownership. All accepted applicants would be eligible for NACA’s Best in America mortgage that requires no down payment, no closing cost, no fee, and no mortgage insurance at a below market fixed rate, without consideration of one’s credit score. Accepted applicants also receive guidance and instruction from NACA’s HUD certified counselors to become well-informed homebuyers and owners who can successfully redevelop their properties.”