Newark Families Get Keys To Their 1st Homes: ‘My Dream Came True’

NEWARK, NJ — There’s nothing like the moment you get keys to your first home. And for three families in Newark, that dream has now became a reality.

On Monday, city officials and stakeholders – including a trio of happy families – were on hand for a ribbon cutting ceremony on South 10th Street to celebrate Invest Newark’s new Section 8 Homeownership Conversion Program.

“It hasn’t yet hit me that I’m really a homeowner – something I always wanted to be,” said Charlene Spann, one of the happy property owners who received their keys.

The event marked the beginning of the newly operational program, which helps to convert “blighted” houses into homeownership opportunities for low- and moderate-income families.

The public-private partnership between the city, Invest Newark and the Newark Housing Authority uses properties transferred from the Department of Economic and Housing Development to the Newark Land Bank to empower first-time homebuyers, create access to capital and spur more equitable opportunities for minority and women-led contractors across Newark.

• See related article: Newark 'Land Bank' Hopes To Boost Homeownership, Beat Blight

Currently, blighted homes are costing the city millions of dollars each year. For three existing homes from the Land Bank, Invest Newark has provided funds for the complete development costs – a total of $550,000. This not only provides value for the new homeowner with more than $40,000 in equity, but also creates 50 construction jobs for the community, officials said.

Bernel Hall, president and CEO of Invest Newark, said the new program will also help Newark expand its tax base – one more benefit for the Brick City.

The three initial properties that have been completed in the program are move-in ready for Monday’s families, who were selected through a lottery.

The Urban League of Essex County (ULEC) will be providing the new homeowners with mandatory HUD-certified homeownership counseling, where they will assign coaches to work with new homeowners after their purchase. Local Initiatives Support Corp is supporting ULEC for this counseling, which will cover all homeownership trials and issues, along with solutions and best practices.

Invest Newark hopes to expand the program and refurbish more properties to provide more local families the opportunity to purchase their first home. Financial commitments for its expansion have been made by the Neighborhood Assistance Corporation of America (NACA) via its Home Ownership through Public Housing Assistance program, which allows participants to use their housing choice vouchers to purchase a home of their own.

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Hakeemah Neal, one of the new homeowners in the Section 8 program, said he was in “disbelief” after getting his keys.

“In less than eight months’ time my dreams came true,” Neal said, crediting the involved agencies. “I’m so excited to start this journey, this is something I dreamed of for my family.”

“My children and I are super excited to begin our new journey in our new home,” agreed Ramonia Addison, another participant who got their keys this week.

Spann, who received the property at 92 South 10th Street – the site of Monday’s news conference – thanked everyone involved in the process of making her dream come true.

“There were times I wanted to give up, but I prayed to God to give me the strength and patience to see the process through not only for me, but for my kids,” Spann recalled. “Now my kids have somewhere they really can call home.”

NACA CEO and founder Bruce Marks said that people who receive Section 8 support are “hard workers” who deserve the chance to create generational wealth.

“We expect many more people and families to follow in their footsteps,” Marks said.

Marks’ optimism was shared by Victor Cirilo, executive director of Newark Housing Authority, who said the program will allows the agency to identify Section 8 participants who are “ready to undertake the dream of homeownership while building equity and wealth.”

According to Mayor Ras Baraka, increasing homeownership among Newark residents is one of the reasons why the city created its Land Bank and the Live Newark Closing Cost Program.

“Through this partnership of the city, Invest Newark and the Newark Housing Authority, numerous residents will enjoy the independence and empowerment of achieving the American Dream of home ownership,” Baraka said.

“At the same time, it achieves other goals of the Land Bank: transforming blighted properties, restoring our city’s economic strength and reviving neighborhoods,” the mayor said, adding that the program is just one part of a larger effort to create more homeowners in Newark.

• See related article: Newark Trying To Add Housing For Families Earning Under $32,000
• See related article: Newark Trying To Boost Housing Market With No-Interest Loans

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