The city of Newark has been awarded $4 million as part of a federal grant program for advancing affordable housing. The funding is part of the Biden administration’s PRO Housing innovation program, which selected Newark as one of 21 communities out of 175 applicants.
The city plans to use its grant to further its efforts to implement updated land-use regulations to increase the speed at which affordable housing can be built. The city will also use the funding to expand its Live Newark homeowner assistance program, which provides forgivable down payment loans to first-time homebuyers.
The Newark mayor’s office has identified housing affordability as a critical priority in the city’s development and has taken several steps to address this issue. These include the inclusionary zoning ordinance, which requires first developers to build affordable housing units in their projects, creating a $30 million dedicated affordable housing fund, and using Section 8 vouchers to enable renters to become homeowners.
The city’s efforts are also supported by the Equitable Investments in Newark Communities (EINC) Program, which aims to enable the development and rehabilitation of homes while also creating opportunities for minority/women-owned business enterprise developers and contractors. The funding is expected to strengthen the city’s position as a leader in addressing the housing crisis and making affordable housing a reality for Newark residents.