In an effort to increase homeownership and property ownership in Newark, Invest Newark has launched a dedicated website for the Newark Land Bank, which will launch next month.
The Newark Land Bank is an initiative championed by Mayor Ras Baraka that was created to improve the quality of life for Newark residents by boosting homeownership, reducing blight, creating affordable and market rate housing, and increasing minority, women and disadvantaged business enterprise (better known as M/W/DBE) developer or subcontractor capacity.
On the website, users can currently preview available properties, register to receive notifications and learn how to purchase property. Users also can access tutorial training videos, learn more about specific programs, and find information on policies and additional resources. Users will be able to directly apply for properties when the Newark Land Bank launches next month.
“The website launch is an important landmark in our strategy of building wealth for Newark residents by increasing homeownership and property ownership,” Baraka said. “Beginning next month, as we look forward to defeating the pandemic, the landbank will help us to accelerate redevelopment and reduce blight in our neighborhoods.”
Invest Newark CEO Bernal Hall said the website will be the public’s go-to source for any information on purchasing properties and learning more about the program.
“The Newark Lank Bank is a powerful tool to help lift up our neighbors and improve the quality of life for Newark residents, and we look forward to the program’s full launch in February,” he said.
If you’re interested, here’s what you need to know:
- What properties are available: Newark Land Bank’s inventory of available properties will constantly change. Interested individuals can stay up to date on newly available properties by signing up for the program’s mailing list here. All disposition decisions for properties, including selection of winning bids, will be published on the website.
- Who is eligible: Any qualified individual, family, partnership, nonprofit or corporation can purchase and develop a land bank property, per specific program requirements and disposition policies. Primarily, properties are sold via online purchase applications and RFPs, though the Newark Land Bank also engages in development planning and associated dispositions with thoroughly vetted homebuyers, real estate developers and nonprofit community partners to achieve city and neighborhood goals.
- What is required to buy: Newark Land Bank requires at a minimum that the purchaser provide basic personal or business information, a feasible development plan for the property of interest where rehabilitation is required, and proof of financing for the purchase or proposed development. In addition, all applications require a processing fee for submission. Program applications and RFPs enumerate specific requirements, such as application fees, First Time Homebuyer restrictions, or income limits for the purchaser.
- About the Newark Land Bank: The Newark Land Bank, established in October 2019, is a division of Invest Newark, a New Jersey nonprofit corporation. The Newark Land Bank partners with community groups and responsible developers to strategically acquire, maintain and repurpose vacant, abandoned and foreclosed properties, and efficiently return them to productive use.
- Need more information: Additional information can be found on the Newark Land Bank’s FAQ page or by emailing NLBinfo@investnewark.org.
