NEWARK TO HOST INCENTIVES PRESENTATION FOR CITY-BASED REDEVELOPERS 

INTERESTED IN RETURNING VACANT OR DISTRESSED CITY-OWNED 

RESIDENTIAL PROPERTIES TO PRODUCTIVE USE

Friday, January 30, at 3:30 p.m. in the City Hall Council Chamber

Newark, NJ - January 27, 2026—Mayor Ras J. Baraka today announced that the City of Newark, through the Department of Economic & Housing Development (EHD), is hosting an informational presentation to Newark-based redevelopers regarding a new Community Redevelopment Initiative being presented by the Office of Community Development. The presentation will take place on Friday, January 30, at 3:30 p.m. in the Council Chambers on the second floor of City Hall.

The Community Redevelopment Initiative conducted through the Office of Community Development in the Department of Economic and Housing Development (EHD), is intended to return vacant or distressed City-owned residential properties to productive use while expanding affordable housing opportunities and stabilizing neighborhoods within the City of Newark while also supporting responsible local redevelopment partners with a proven track record in Newark.

Packages detailing specifics of six sites now available will be provided to applicants – with this event being the ONLY opportunity for interested parties to get a package and an application. 

Program incentives include:

• Nominal Sale Price: $100 per property
• Five (5)-year tax abatement, subject to City Council approval
• Grant funding may be available to offset eligible rehabilitation costs.

The resulting redeveloped units are required to meet the following mandatory conditions:

• All units must be rented at fifty percent (50%) of Area Median Income (AMI).
• Affordability will be enforced through a recorded deed restriction and/or redevelopment agreement.
• Deed restriction will be in place for the 50% AMI for fifteen (15) years.
• Rent limits and tenant eligibility shall comply with City-issued AMI guidelines in effect at the time of leasing.
• Ongoing compliance monitoring is required for the duration of 15 years by the City.

Rehabilitation must commence within three (3) months of property transfer with substantial completion required within eighteen (18) months of transfer. All work must comply with applicable zoning regulations, construction codes, and permitting requirements.

Redevelopers must be Newark-based entities that have successfully completed at least one redevelopment project with the City of Newark and are in good standing with the City of Newark regarding taxes and water and sewer regulations. They must be able to demonstrate financial and operational capacity to complete the project and be prepared to comply with affordability, reporting, and monitoring requirements.

Application requirements will include:

• Business Incorporation Certificate
• Business Registration Certificate
• W-9
• Proof of completed project with the City of Newark (Certificate of Completion or Redevelopment Agreement/Resolution)
• Financial capacity documentation
  (bank letter, lender letter, or financial statement)
• A complete physical application package is required for consideration. Incomplete or untimely submissions will be deemed ineligible.

-NEWARK-

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