A $6 million program was launched in Newark Tuesday to help Black and Latino residents buy and own property in the city. The Urban League of Essex County will develop and sell ten two-family homes in the Fairmount neighborhood; each home will include a unit for the buyer and an affordable rental unit as a way to help offset the cost of owning the home.
The properties will be sold to low-income residents at below-market prices. The homebuyers will also get help with mortgage and financing options. Newark is committing $750,000 to the plan. Other funding comes from Wells Fargo and the National Community Investment Fund.
