Broad street in downtown Newark. © Tariq Zehawi and Danielle Parhizkaran/NorthJersey.com, NorthJersey.com via Imagn Content Services, LLC
Syndication: NorthJersey
(Newark, NJ) — Some lucky Newark residents will have a chance to buy homes for one-dollar today in the city’s first public home ownership lottery. It’s an effort to help more families buy houses in the Brick City. Only one out of every four Newark residents is homeowner. The housing lottery is only for people who currently live in New Jersey’s biggest city.
Winners have to agree to renovate and live in the homes they buy for a buck for at least ten years. Those who are selected in the lottery will get all kinds of help: a mortgage that requires no down payment, no closing costs and redevelopment advice from HUD counselors on how to turn your house into a home.
