The long-held desire of city officials to increase homeownership in Newark is getting some help.
On Thursday, Invest Newark announced a partnership with My Home Pathway, a leading provider of homebuyer education and resources.
Invest Newark, the city’s economic development corporation, said the strategic partnership will unlock new pathways to homeownership for Newark residents.
“In a city where 78 percent of our residents are renters, expert financial guidance is key to removing imposed or imagined economic barriers to homeownership,” Mayor Ras Baraka said. “The city is grateful to My Home Pathway and Invest Newark for shepherding residents to an understanding of how obstacles like credit scores and other conditions can be remedied and corrected for mortgage approval.
“I encourage everyone who dreams of owning their home to learn the facts for financial empowerment and take advantage of the affordability programs available to them.”
The partnership will aim to:
Increase homeownership rates in Newark: By providing clear pathways and resources, My Home Pathway and Invest Newark will empower more residents to achieve homeownership;
Boost Newark’s housing market: An influx of qualified buyers will contribute to the revitalization of Newark’s neighborhoods and strengthen its housing market;
Build stronger communities: Stable homeownership fosters safer, more vibrant communities, contributing to Newark’s overall growth and prosperity.
Officials say the strategic alliance will aim to leverage the strengths of both organizations. With a deep understanding of diverse populations and their homeownership needs, My Home Pathway will bridge the gap between interested individuals and available homes in Newark.
“At My Home Pathway, we believe everyone deserves the opportunity to achieve the dream of homeownership,” CEO Castleigh Johnson said. “Through this partnership with Invest Newark, we’ll not only connect aspiring homeowners with crucial resources and information, but also expand the pool of qualified buyers for Invest Newark’s exciting housing initiatives.”
Invest Newark has set the goal of increasing homeownership in Newark. This goal can be achieved both by rehabilitating or developing homes on Newark Land Bank Property for homeownership opportunities and by growing the number of Newark residents who are mortgage and homeownership ready.
Recognizing Invest Newark’s high demand for qualified homebuyers, My Home Pathway will act as a trusted conduit, directing pre-qualified individuals to lending partners and streamlining the homeownership journey.
“Invest Newark is pleased to be working with My Home Pathway to open more doors for homeownership in our city,” Gregory Good, the chief real estate officer and director of asset management at Invest Newark, said.
“My Home Pathway provides potential homeowners support during a crucial piece of their journey to home ownership – the mortgage approval process. We’re glad to be able to offer this new resource to residents of Newark looking to become homeowners.”
Residents can sign up for My Home Pathway services via a link on the Newark Land Bank’s recently re-designed Newark Land Bank website, under the First Time Homeowner Resources link.
