Thousands of people are hoping to make their dream of owning a home a reality. The Neighborhood Assistance Corporation of America, also known as NACA, kicked off its Achieve the Dream event inside the Robert Treat Hotel in downtown Newark on Friday. For five days, counselors will help determine eligibility for its affordable mortgage program for low- and moderate-income residents.
NACA mortgages have no down payment, closing costs or fees. This initiative hopes to combat the historic impact of redlining and gentrification in Newark and beyond.
“Homeownership is always important everybody. You’re building generational wealth. You’re getting more of the landlords out of the mix by actually having home owners, which is actually going to stabilize our neighborhoods by having more homeowners and less renters. So it’s building equity and building wealth for everyone,” said Michael Swanson, a mortgage counselor for NACA.
Chasing the Dream: Poverty and Opportunity in America is a multiplatform public media initiative that provides a deeper understanding of the impact of poverty on American society. Major funding for this initiative is provided by the JPB Foundation. Additional funding is provided by Ford Foundation.
