Mayor Ras J. Baraka announced today that the City of Newark is now soliciting proposals for the first group of properties to be developed under the “Equitable Investment in Newark Communities” (EINC) initiative. Individuals and organizations, both non-profit and for-profit, with the experience, financial resources, and capacity to acquire, manage, construct, rehabilitate, and maintain housing projects can apply for this major new equitable growth housing initiative.
The program will help increase affordability and build wealth through developing or renovating single or multi-family homes that residents can own, expand opportunities for Minority/Women-owned Business Enterprise (MWBE) developers and contractors, and provide employment and job training for Newark residents.
“This initiative is an opportunity for experienced developers, contractors, and housing non-profits to participate in building an equitable future for Newark,” Mayor Baraka said. “It is an important step toward creating more affordable housing, increasing homeownership, reducing the wealth gap, providing training and jobs for Newark residents, and expanding opportunities for MWBE businesses.”
The first group of city-owned properties in this program are listed in Exhibit A of the attached solicitation document. The solicitation can also be found here. Those chosen to participate will develop or rehabilitate single or multi-family homes, which will be sold and/or rented to residents at affordable prices with low interest mortgages. The City encourages collaborative partnerships between experienced organizations and small, local minority/women-owned enterprises, particularly small, local contractors, subcontractors and developers, and non-profit community development organizations. Interested applicants who do not individually have the required qualifications may form joint ventures that will collectively strengthen the team’s qualifications.
For those interested in submitting proposals, a pre-submission conference will be held Wednesday, May 17, from 11 a.m. to 1 p.m. at City Hall, located at 920 Broad Street. The meeting will take place in Room B-29 located in the lower-level rotunda.
In-person site tours of the properties will be held on Friday, May 19, from 10 a.m. to 2 p.m. and are as follows:
- Site B: 529-535 Elizabeth Avenue; 10 a.m. to 10:30 a.m.
- Site E: 59-65, and 67 Avon Avenue, 10:45 a.m. to 11:15 a.m.
- Site F: 202-206 Rose Street, 517-523 Bergen Street; 11:30 a.m. to 12 p.m.
- Site A: 697-701 S 11th Street; 12:15 p.m. to 12:45 p.m.
- Site C & D: 508-516 Springfield Avenue and 21-23 Blum Street; 1 p.m. to 1:45 p.m.
- Q&A: 1:45 p.m. to 2 p.m.
Visit
here or contact the Department of Economic and Housing Development (EHD) for more information by phone (973) 733-3889.
In March, the City released an RFQ to pre-qualify organizations and individuals for participation in this program. EHD received 85 responses. This solicitation of proposals is a follow-up enabling organizations and individuals to submit proposals for developing specific properties.
The initiative, “Equitable Investments in Newark Communities” is a response to reports by the Rutgers Center on Law, Inequality and Metropolitan Equity (CLiME) and the NJ Institute for Social Justice that document the enormous wealth gap between white and black/brown families in New Jersey. The reports also show that homeownership, the major path for families to build wealth, is being eroded in Newark by the widespread purchase of residential properties by corporate buyers. Links to the two reports are given below.
Rutgers Center on Law, Inequality and Metropolitan Equity (CLiME) report:
Who Owns Newark? Rutgers-Newark Study Finds Troubling Rise in Corporate Buying of City Homes -2022.
NJ Institute for Social Justice report:
Making the Two New Jerseys One Closing the $300,000 Racial Wealth Gap in the Garden State – 2022.
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