The city of Newark is offering couples who want to build homes municipally-owned lots for $1,000 in a "Valentine's Land Sale Day."
Buyers will be required to make a $500 down payment and pay the additional $500 at closing. They are responsible for all closing costs and must submit a site plan approved by the City Planning Board.
Couples interested in buying one of the lots in Newark's two Model Neighborhood initiative areas, a 20-block part of the Lower West Ward and a 30-block section of the South Ward. Both areas were granted additional police presence and other city resources as part of a crime reduction-initiative announced in November.
Prospective buyers must show a commitment letter from a financial institution and/or proof of cash to cover the cost of the new home construction before they can close, and that construction must be completed within 18 months after closing, the city said.
The couple also has to live on the property for five years after getting an occupancy certificate.
Newark Mayor Ras Baraka said the Valentine's Day land sale is a unique way to promote home ownership while benefiting the city.
"We are observing Valentine’s Day with creativity and a commitment to Newark’s couples, by offering them opportunities to achieve their American dream of home ownership," Baraka said in a statement. "At the same time, we are turning vacant lots into homes that strengthen our communities, replacing blight with development. Out-of-the-box steps like these are how we will transform Newark into a City we can all believe in."
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The sale will run Saturday, Feb. 14 from 9 a.m. to noon at City Hall. For more information on the program, click here.
