Newark Residents Apply for Affordable Mortgages
Thousands of people are hoping to make their dream of owning a home a reality. The Neighborhood Assistance Corporation of America, also known as NACA, kicked off its Achieve the Dream event inside the Robert Treat Hotel in downtown Newark on June 23, 2023. For five days, counselors will help determine eligibility for its affordable mortgage program for low and moderate-income residents.
NACA mortgages have no down payment, closing costs or fees. This initiative hopes to combat the historic impact of redlining and gentrification in Newark and beyond.
“Homeownership is always important to everybody. You’re building generational wealth. You’re getting more of the landlords out of the mix by actually having homeowners, which is actually going to stabilize our neighborhoods by having more homeowners and less renters. So it’s building equity and building wealth for everyone,” said Michael Swanson, a mortgage counselor for NACA.
