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The Newark Land Bank (NLB) markets the properties transferred from the City of Newark for buyers to apply for on their website. NLB focuses on giving current Newark residents the opportunity to own their first home. A vast number of residents have never owned a home and are renters, so NLB programs combat that stat in an effort to increase homeowners.
The award-winning Section 8 Homeownership Conversion Program is a collaboration of public, private and community partners that provide first-time homeownership opportunities to low-and moderate-income families, by converting Section 8 rental vouchers into homeownership vouchers. The program focuses on eliminating blight, utilizing local MWBE contractors and building equity for new homeowners.
The $2 Million Invest Newark Infrastructure Fund that is co-managed with New Jersey Community Capital (NJCC) provides both capital and back-office support to Newark-based MWBE businesses participation in civil works projects and is currently supporting local MWBE subcontractors participating in Newark’s $120 Million lead pipe replacement project.
Invest Newark also launched a Procurement Portal, where anchor institutions, both local and abroad, can put contracts in one central location allowing local businesses to access them. Currently, over 260 opportunities valued at over $6.0 Million are posted.
Invest Newark helps both developers and businesses tap into Newark’s vast development opportunities by assisting with a wide range of services, including site selection, permitting, approvals and gap financing. Invest Newark continues to offer small business training programs – both as in-person workshops to virtual webinars.
Disclaimer: Sponsored content articles do not reflect the opinions of New Jersey Business magazine or the New Jersey Business & Industry Association.Related Articles: