Posted on 02/02/2024 6:34:46 AM PST by dynachrome
The City of Newark, New Jersey, held its first-ever housing lottery for residents who wish to purchase a home for only $1.
Hopeful homebuyers attended the event on Monday at Newark City Hall as a part of the Newark Homeownership Revitalization Program (NHRP), according to the City of Newark's website.
"The Homeownership Revitalization Program is a new way to enable longtime Newark residents to become homeowners at costs that they can afford," Mayor Ras J. Baraka said in a news release when the program was first announced in May. Residents of Newark who were eligible to enter the lottery had to meet specific requirements.
"You must be a Newark resident for [five] consecutive years or recently displaced," according to the NHRP FAQ release issued by Baraka and the Municipal Council.
"Displaced residents must have also lived in Newark for at least five consecutive years, within the last 10 years, at the time of application."
The future owner of these $1 homes must commit to living in the property for a minimum of 10 years, the release also noted.
(Excerpt) Read more at foxbusiness.com ...
Sounds like they have a lot of extra room for illegals.
In less than 10 years the houses will be unlivable and will have to be torn down.
Is Newark a decent part of New Jersey?
Wasn’t Frank Sinatra from Jersey too?
Homes in Newark for $ 1
What could possibly go wrong ?
How many get foreclosed because they can’t afford the property taxes...
No and yes (Hoboken).
When the demographics were different.
In Newark they don’t tear down unlivable homes.
They declare them “historic” until they fall down—saves on demolition costs.
;-)
Crack houses and brothels. Newark won’t even notice.
The drug dealers must be complaining that they are running out of flop houses.
Good news - you won the lottery
Bad news - you are sentenced to 10 years in Newark.
I remember reading that in the Sopranos HBO tv series, the fictional Bada Bing strip club was actually a real nudie bar in Ldo, NJ, called Satin Dolls.
Let me add-—
The millennials can now stop complaining about houses being too expensive for them to buy.
So the next time some snowflake reporter writes a story about the snowflakes who can’t afford to buy a house, we can point out that houses in Newark are available for $1.
The bad news is that you would have to live in Newark, New Jersey.
NJ property taxes are sky-high. How are the properties assessed?
“The future owner of these $1 homes must commit to living in the property for a minimum of 10 years, the release also noted.”
...and if they don’t make it 10 years, they’ll be forced to pay the difference between $1.00 and market rate (about $15.00).
No fentanyl, but plenty of Boones farm wine in a box
Too expensive! Maybe gimme $5,ooo,ooo per year for 10,years and I’ll think about it.
LOL glad i wasn’t drinking my soda when i read that 😅
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