Live Newark: Valentine’s Day Land Sale
A special land sale that Economic and Housing Development organized for St. Valentine’s Day – Saturday, 14 February 2015 at Newark City Hall (920 Broad Street). In the spirit of St. Valentine’s Day, we are doing a sale of city lots exclusively to COUPLES.
Transforming non-tax producing city owned lots to occupied, tax producing properties with new homes built on them. 100 lots at $1,000 a lot. This sale was NOT for developers or investors. The sale was exclusively for couples who are looking to live in Newark.
The rules were as follows:
- You must be a couple (straight or LGBT)
- Only one lot per couple
- Lots will be awarded on a “first come, first served” basis
- Lots will be sold for $1,000 each
- All final sales are subject to Municipal Council approval
- Buyers will be required to make a $500 down payment
- Buyers will be required to pay an additional $500 at closing
- Buyer is responsible for all closing costs
- Buyer must submit a City Planning Board approved site plan to close on the property
- Buyer must have a commitment letter from a financial institution AND/OR proof of cash to cover the cost of the infill new construction to close on the property
- Construction must be completed within 18 months of closing
- Buyer must reside in the property for 5 years after issuance of C.O.
- Anyone from anywhere is eligible to participate except employees of the EHD Property Management Division
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Live Newark: Model Neighborhoods Initiative Incentive Program
The “Live Newark” Program has been launched to encourage municipal employees and public school teachers to purchase homes — in Newark. The program will provide home purchasers with forgivable loans to cover closing costs and rehabilitation expenses for homes purchased in one of the City’s two struggling Model Neighborhood Initiative areas.
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Materials and Information
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