US: New Jersey Sells Foreclosed Real Estate for $1



Are you looking to become a homeowner in Newark, New Jersey? Well, there's great news for you! The city of Newark has launched a revolutionary housing initiative designed to increase small-home ownership rates through the sale of foreclosed properties at highly affordable prices. This could be the opportunity you've been looking for.

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Are you looking to become a homeowner in Newark, New Jersey? Well, there's great news for you! The city of Newark has launched a revolutionary housing initiative designed to increase small-home ownership rates through the sale of foreclosed properties at highly affordable prices. This could be the opportunity you've been looking for.

 US: New Jersey Sells Foreclosed Real Estate for $1ph: instagram@njrealestate214

Mayor Ras Baraka and the Newark City Council have launched the "Home Ownership Restoration Program". Houses that were foreclosed due to non-payment of taxes, water bills, or other public debts are being sold for as little as $1 per unit to qualified Newark residents. This is not a misprint, the houses are really being sold for one dollar!

To qualify for this program, potential property buyers must have resided in Newark for at least 5 years or are residents of cities displaced by urban redevelopment. The program will be administered by the American Residential Assistance Corporation (NACA), and buyers are limited to just one property each.

This initiative is part of Mayor Baraka’s ambitious efforts to increase the small-home ownership rate in Newark. Currently, less than 25% of apartments, townhouses and houses are owned by occupants, compared to 64% statewide. The program is run by NACA and the Newark Housing Authority.

Mayor Baraka is also making efforts to ensure that the rent increases in Newark apartments, townhouses and houses do not become "unconscionable". This has been achieved by the implementation of a new measure that ensures that every two years, landlords can not increase rent by more than 5% for newly built buildings. This measure is in response to recent reports from Rutgers University-Newark, revealing that many homes in Newark have been acquired by limited liability companies who then raise the rent or quickly resell and push the price up.

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The Home Ownership Restoration Program will go into effect as soon as the City of Newark compiles a list of the properties available for sale online. Interested buyers are advised to stay in touch with the city officials to keep themselves in the loop.

Newark is becoming increasingly attractive to new residents worldwide. As a result, rents and home prices are rising, and this Home Ownership Restoration Program is a well-timed initiative that could give Newark residents the boost they need to own properties and enjoy secure futures. Start preparing your finances and get ready to apply for this program. It could be your chance to become a homeowner in Newark.

US: New Jersey Sells Foreclosed Real Estate for $1

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