Here’s an update to a story we brought you in June, when three families in Newark were selected by lottery to be part of a new program that aims to turn low-income residents into homeowners. On Wednesday, those families were handed the keys to their homes.
Home ownership in New Jersey’s largest city is low; about 70% of residents rent, according to the local housing authority, but the city is hoping to boost ownership rates. Invest Newark renovated the three homes, while the Neighborhood Assistance Corporation structured payments so the families could use their Section 8 housing choice vouchers toward 15-year mortgages.
Chasing the Dream: Poverty and Opportunity in America is a multiplatform public media initiative that provides a deeper understanding of the impact of poverty on American society. Major funding for this initiative is provided by the JPB Foundation. Additional funding is provided by Ford Foundation.