An ordinance backed by Mayor Ras Baraka and adopted by the City Council Wednesday night requires that up to half of all city-owned lots will be deed-restricted to low-income renters or buyers.
announced two days later that the city would take steps to offset the trend.
City officials said they have little say over who can buy private property in Newark and how much they can sell or rent it for. But, they added, the deed restrictions will ensure that city-owned properties, at least, will contribute to the city’s affordable housing stock. Any would-be purchaser will be able to make an offer on those properties. But certified nonprofit developers of affordable housing who register with the city will have a “right of first refusal” to match others’ offers and purchase the properties.
Subject to approval, a buyer can avoid a deed restriction by making a $180,000 payment “per affordable property” into the city’s Affordable Housing Trust Fund.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mayor Eric Adams offers Philadelphia mayor vegan cheesecake in Eagles-Giants playoff betWhen sports teams go head-to-head in a big game, that often means a bet between city mayors with classic hometown favorite foods as prizes.
Read more »
The number of guns confiscated from Newark airport passengers is upTSA officers found more guns last year at Newark airport checkpoints than in 2021.
Read more »
As test scores plummet, Newark rehires schools chief in secret | Editorial“Hell no, they didn’t say anything,” an education advocate told us.
Read more »
Mayor of Kingstown Poster Removes Jeremy Renner Wounds After InjuryIn an effort to respect the actor's ongoing recovery, Paramount+ has tweaked MayorofKingstown's season 2 marketing to remove the wounds from Jeremy Renner's character's face.
Read more »
NYC Mayor Eric Adams hits ‘disingenuine’ Brad Lander on migrant commentsEric Adams clapped back after city Comptroller Brad Lander criticized his weekend trip to the southern US border and said it wouldn’t help the city secure emergency aid.
Read more »
D.C. Council overrides mayor’s veto of controversial new criminal codeLaw enforcement leaders had expressed concern about the bill, which reduces some maximum sentences and allows for jury trials in nearly all misdemeanor cases.
Read more »