By CBSNewYork Team

NEWARK, N.J. (CBSNewYork) — A new initiative has launched in Newark to help boost homeownership for residents.

The city launched the first-of-its-kind Newark Land Bank program.

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It will turn the city’s abandoned and vacant properties into safe, affordable homes and retail space.

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“We want to create opportunities where part of the city is affordable. In fact, we want to make sure that most of the city is affordable, but we definitely, definitely need to ensure that there are enclaves in the city that you can go where affordable housing will always be,” Newark Mayor Ras Baraka said.

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The program is also creating inclusive investment opportunities for local entrepreneurs as an economic recovery pathway.

CBSNewYork Team