Newark homeownership program makes these families’ dreams come true

‘In 15 years, they own a property outright, free and clear,’ said Mayor Ras Baraka

Among the policies proposed today by President Biden is a push to bolster homeownership for Black Americans. In Newark, a local program is turning low-income residents into homeowners.

The homes are all once-abandoned properties that are owned by the City of Newark. Invest Newark developed the properties and the Neighborhood Assistance Corporation of America figured out how to structure the payments so that new homeowners wouldn’t have to pay more than they are now pay for Section 8 rent. The only difference? The money, instead of going toward rent, will go toward a mortgage.

WATCH: NJ court system bracing for eviction crisis

MORE: Tax incentives and more set to help homebuyers