The city government of Newark, New Jersey, has launched a program that will sell seized residential properties for as little as one dollar
According to a NJ.com report, the properties in the Homeownership Revitalization Program were seized for non-payment of taxes, water bills and or other public debts. The potential buyers must either be Newark residents for at least five years or be city residents displaced by gentrification, and they must provide proof that they will be able to finance the purchase and address problems with the property including code violations.
Buyers are limited to one property each under the program, which is administered by the nonprofit Neighborhood Assistance Corporation of America. The city will accept bids on each property from up to 12 potential buyers.
“Across America, LLCs are buying up owner-occupied homes and turning them into corporately owned expensive rental units,” said Newark Mayor Ras Baraka. “In Newark, where we work hard to expand homeownership, we have created a wide-ranging strategy to do everything possible to counter this dangerous trend. The Homeownership Revitalization Program is a new way to enable longtime Newark residents to become homeowners at costs that they can afford.”
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The Billionaire and big investor classes are rubbing out affordable housing.
While this housing crisis is upon us (it will be upon us for a long time), LLC’s should be limited to owning no more than 1 LLC owned property for every 1,000 or more homes in any specific area. Sure, some super powerful LLC backers will grap those few homes all up, but the only other alternative is to prohibit LLC and corporate owned homes (that would be even better). The Federal interest rate hikes only served to steal equity from regular home owners while causing monthly payments on buyers to stay the same or go even higher than they were when home prices were higher but interest rates were lower. The Fed actions have given cash rich investors all the power because they don’t need to finance home purchases; they grab them with cash once prices are pushed downward by higher interest rates. How is that Fed policy helping the average American regarding inflation? Answer: It is not.
how can i be eligible to apply for the affordable housing to purchase for $1?