Newark Council Frees Up More Money For Local Homeowner Programs

NEWARK, NJ — Need some funds to make repairs to the outside of your home, or cover closing costs for a new purchase? More cash is now available to make it happen.

The Newark City Council recently passed two ordinances that increase the amounts of money homeowners can apply for under a pair of local home improvement programs. Both were approved on second reading at the council’s Sept. 20 meeting.

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The ordinances each involve the Live Newark program. Loans made under the program are forgiven if the resident continues to occupy the residence for five years after the loan has closed. The loans carry a zero percent interest rate.

Learn more about the Live Newark program and how to apply here.

“Our hope is to provide more opportunities for homeowners to have access to funds to make needed exterior repairs,” said councilman Patrick Council, who sponsored the ordinances along with councilman Dupré Kelly.

“We are [also] excited to be able to give residents an opportunity to have access to closing costs as a way of generating home ownership in our city,” Council added.

$40K NOW AVAILABLE FOR FAÇADE IMPROVEMENTS

The first ordinance increases the amount given to residents through the city’s “Home Facade Improvement Program,” which helps homeowners to make renovations and repairs to the outside of their residences. Read the full text here.

According to the municipal website:

“The goal of this program is to create a sense of pride of ownership, preserve/increase the value of residential properties, and beautify neighborhoods. The loans may be used for repairs or improvements to the property’s exterior which are intended to beautify the community and may also satisfy code violations or threats to the health, safety and welfare of the occupants or the surrounding community. Over a five-year period, 20 percent of the loan is forgiven for each full year in which the recipient has lived in the home.”

Previously, the program provided up to $20,000 no-interest forgivable loans for owner-occupied homes. Under the ordinance passed on Sept. 20, Newark residents can now apply for up to $40,000 – double the original amount.

Learn more about the program and how to apply here.

CLOSING COSTS FOR NEW HOME BUYERS

The second ordinance doubles the amount available through the city’s “Closing Costs” program to $20,000. Read the full text here.

According to the city’s website, the program provides no-interest loans to first-time homebuyers to purchase a home in Newark. Over a five-year period, 20 percent of the loan is forgiven for each full year in which the recipient has lived in the home.

Residents must still submit an application in order to receive consideration for this program, Council noted.

Learn more about the program and how to apply here.

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