$1 Homes For Sale In Newark; Meeting Draws Huge Crowd (VIDEO)

NEWARK, NJ — Buy a home for a buck in Newark? If that phrase made your ears ring, you’re not alone.

A public workshop on the city’s new Homeownership Revitalization Program recently drew a big crowd of interested residents – so large that some people had to be turned away when the council chambers filled up.

The Newark City Council voted to approve an ordinance that creates the new program last month. It will allow people who have lived in Newark for at least five years to purchase an “in rem” property owned by the city for as little as $1.

The city is able to sell the properties for any price it deems “reasonable,” which could potentially be less than the price of a candy bar. People participating in the program will only be allowed to buy one property each.

There are a few conditions. The new owner must live in the home for at least 10 years. They also need to provide cost estimates for any work that’s needed to bring the property into conformance with state and local codes, and prove that they have the ability to pay for the repairs.

For more information or to apply, call the Neighborhood Assistance Corporation of America’s (NACA) Newark office at 973-679-2601.

• Read More: Buy A House For A Buck? Newark Can Sell Homes For $1 Under New Rule

Officials held a workshop for people interested in learning more about the program on Monday at City Hall. Watch the full video below.

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