Newark Mayor Announces $50M Investment in Affordable Housing

Newark Mayor Ras J. Baraka announced a $50 million investment in affordable housing on Tuesday, marking the city's largest housing commitment in over a decade. The funding will support new construction and rehabilitation projects across all five wards, with a focus on neighborhoods most affected by displacement and rising rents. "Every Newark resident deserves a safe, affordable place to call home," the mayor said. "This investment represents our commitment to preserving the character of our neighborhoods while ensuring long-time residents can afford to stay." The initiative includes grants for first-time homebuyers, low-interest loans for developers building affordable units, and a new rental assistance program for families facing eviction. City officials expect the investment to create or preserve approximately 2,000 affordable housing units over the next three years.