By: Richard L. Smith
On Monday, September 16, the Urban League of Essex County Opportunity Corporation (ULEC) will hold a lottery for eight newly developed two-family homes in Newark’s Fairmount neighborhood.
The event is set to take place at 6 p.m. at 513 Central Avenue.
According to ULEC President and CEO Vivian Cox Fraser, these homes offer a unique opportunity for low-income families to achieve homeownership while also benefiting from an affordable rental unit.
The project, developed by the Urban League's Opportunity Corporation, provides buyers with below-market sales prices and favorable mortgage financing options, including an interest-only option.
Fraser explained that the program also includes training and personalized financial counseling aimed at helping families build wealth and maintain homeownership.
The lottery is not open to new applicants. It's for eligible families completed first time homebuyers and financial literacy classes, and met specifics guidelines
The homes are designed with long-term affordability in mind, featuring energy-efficient appliances, three-bedroom units for both the owners and renters, and off-street parking.
The sale price for each home is around $155,000, with income eligibility ranging from $31,000 to $120,000 depending on family size.
According to Fraser, the goal is not only to provide affordable housing but also to create a pathway to wealth-building and financial stability.
"It was important for the Urban League that our projects provide a mechanism for families to build wealth and stability that comes from homeownership," she said.
The Urban League received over 150 applications for the homes, with all applicants required to meet specific income, household, and credit eligibility requirements, as well as complete an 8-hour HUD-approved pre-purchase course.
This initiative was made possible through partnerships with the National Community Investment Fund (NCIF), Wells Fargo’s Community Lending and Investment Group, the NJ Department of Community Affairs, and the City of Newark, which have helped reduce costs for participating families.
