Business & Finance

Newark Residents Get Expert Advice on Property Ownership at Housing Summit

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Presentations on the homestead auction program, foreclosure prevention, mortgage loan products, a credit repair class, a developer workshop, the Home Buyer Ready program and tax abatements were highlights of the 2017 Newark Housing Summit, held recently at St. John’s Community Baptist Church on Bergen Street.

The free event, presented by Newark's Department of Economic & Housing Development and the National Association of Real Estate Brokers (NAREB), and hosted by the Bergen-Lyons-Clinton Special Improvement District (BLCSID), drew a full-house of 115 potential property owners including individuals interested in purchasing a new home and developers seeking investment opportunities in the state’s largest city.

A second event will be held on Saturday, April 22 at Newark City Hall.

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Franklyn Ore, from Newark's Housing and Real Estate Division, provided the opening remarks.

Reverend Phillip Gilmore, Pastor of St. John’s and President of the BLCSID, offered an opening prayer and discussed the SID’s mission.

Other speakers included Baye Adofo-Wilson, Deputy Mayor and director of the Department of Economic and Housing Development and South Ward Councilman John Sharpe James.

Ore noted the event was more than just an opportunity for vendors to push their products, with six different panels conveying information to Newark residents to empower them regarding opportunities to purchase a home or invest in real estate in the city.

“At a time of real population growth, when potential buyers can take advantage of existing low prices and programs to support their investment, it is critical that we engage with our communities throughout Newark,” Ore said.

Jean Skillern, a licensed real estate agent from Destiny Realty, Inc. in Newark, said one of the biggest misconceptions is the belief that people need a lot of money up-front to purchase properties.

“From assistance with mortgage closing costs to down payments, there are programs in the City of Newark and through lending institutions that can help people achieve their goal of home ownership,” Skillern said. “As real estate professionals, if we can help people understand that they can purchase property, we have served our purpose.”

“We are investing in the communities we serve, focusing our commitment here in the City of Newark to help all who dream of home ownership to achieve their goals,” said Jacqueline Gibbs, Affordable Lending Relationship Manager for Chase Bank.

“Our district has many ownership opportunities available and we want a community that is owned and operated by local residents and stakeholders,” said the BLCSID’s Pastor Gilmore. “Cooperative economics and investment, along with our focus on clean, safe and welcoming streets, is key to making the South Ward the ward of choice in the City of Newark to live, to work and to invest.”

Registration is free and lunch will be served at the April 22 event at Newark City Hall. For more information or to RSVP, call 973.923.6200. For more information about programs and services provided by the BLCSID, visit www.southwardsid.com or follow news from the district at www.facebook.com/southwardsid.

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