NEWARK, NJ - New Jersey Institute of Technology is providing $50,000 in incentives for its full-time employees to remain or move to Newark.
The funding is part of the university’s involvement in Mayor Ras Baraka’s economic strategy -- Newark 2020: Hire, Buy, Live Local -- which works with the city's largest companies to enhance employment and residency.
“NJIT is a part of the vibrant and growing Newark community and we intend to be fully engaged with its growth, particularly through this outstanding initiative that is a collaboration with the city and the Newark Alliance,” said NJIT President Joel Bloom in a statement.
Eligible full-time employees at NJIT who work and live within the program’s designated incentive areas will get up to $3,000 toward the cost of their housing during the program’s one-year pilot period. The program will help both current and new renters within the designated area.
“We know if you live locally, you’re more invested in the community, you’re volunteering, shopping locally and become part of the fabric of the city,” said Newark Alliance CEO Aisha Glover.
Newark 2020: Hire, Buy, Live Local was first announced in 2017. It's a three-pronged strategy that includes a plan to connect 2,020 of the city's unemployed to full-time living-wage jobs by the year 2020. It also hopes to support local businesses and attract more people to live in the city.
Newark-based organizations that are now incentivizing employees to become residents and live in the city include Rutgers University-Newark, RWJ Barnabas Health, Prudential, Audible and NJPAC.
“NJIT continues their long-standing commitment to the city of Newark, our residents, and their faculty and employees with this new initiative,” said Baraka in a statement. He added: “Strategic partnerships and initiatives such as this will catapult Newark’s future to one that includes economic prosperity for all residents.”
NJIT’s program Live Local program became effective today. Those who enroll may potentially be reviewed for renewal in the program after the pilot program ends.
For more information, visit NJIT’s website.