"We are committed to implementing the Mayor's redevelopment plan and are excited about bringing families into Newark," said Deputy Mayor Baye Adofo-Wilson.
Newark, NJ (PRWEB) February 14, 2016
Deputy Mayor Baye Adofo-Wilson announced today that the City and the Newark Community Economic Development Corporation (Newark Community EDC) along with other developers and builders will launch Phase II of the city's innovative "Love Lots" redevelopment program designed to build homes in all of Newark's neighborhoods. "Love Lots" now moves to "Love Your Home."
Couples from last year's lots sale who are still working to secure architectural renderings, construction documents, City Council approval or even construction financing will now be given significant support from the Newark Community EDC to guide them through the process. Additionally, lots on which potential owners were not able to move forward with development plans will be sold to developers who will build one and two-family homes for sale between $150,000 and $250,000.
"We are committed to implementing the Mayor's redevelopment plan and are excited about bringing families into Newark," said Deputy Mayor Baye Adofo-Wilson. "Last year we offered lots and this year we are offering assistance to potential lot-owners to ensure that these lots are developed and our communities thrive. The development process can be daunting. We want to let our potential lot-owners know that the City and its partners are here to help. No one has to go through this alone."
One year ago today, nearly 100 vacant lots were available for purchase for a deeply discounted price of $1,000. To begin development on these lots, potential owners needed to secure architectural renderings, construction documents, City Council approval and construction financing, a very different process from simply securing a mortgage. Nearly a dozen couples from the 2014 Valentine's Day lot sale are successfully moving through the development pipeline with one Kean University couple, Menendez and Oduwole, planning to build their two-family home to provide housing for a currently homeless family. The students have raised $9,000 in cash and secured $30,000 in services. The Musial Group Architecture will contribute full architectural and engineering services and the Chapman Brothers will donate their plumbing contracting services. Kean University volunteers will help build and university president, Dr. Farahi, is full-supportive of the entire initiative.
21 of the 98 lots have been returned to the City. Some couples have broken up while others have decided not to move forward for a variety of other reasons. These lots will be sold to a local, minority-developer who will build homes on the land and then sell the one and two-family homes to the public. The remaining lots will be managed by Newark Community EDC. The EDC will serve as the master developer for lots on which couples do not want to build themselves, and will provide financial assistance, development advice and other support for couples who are committed to developing themselves. All couples are encouraged to reach out to the EDC directly for support and visit http://www.newarkcedc.org/valentines-day-homes for additional details. Concept home models, financial partner contact information and other details about Phase II can be found there.
Cheryl McCants, cmccants(at)eimpactconsulting(dot)com, 646-872-2377
Lena Corbo, lcorbo(at)eimpactconsulting(dot)com, 973-220-0048