Urban League to Hold Lottery for Eight New Affordable Homes in Newark

On Monday, September 16, the Urban League of Essex County Opportunity Corporation (ULEC) will hold a lottery for eight newly developed two-family homes in Newark’s Fairmount neighborhood.

According to ULEC President and CEO Vivian Cox Fraser, these homes offer a unique opportunity for low-income families to achieve homeownership while also benefiting from an affordable rental unit.

The project, developed by the Urban League's Opportunity Corporation, provides buyers with below-market sales prices and favorable mortgage financing options, including an interest-only option.

Fraser explained that the program also includes training and personalized financial counseling aimed at helping families build wealth and maintain homeownership.

"It was important for the Urban League that our projects provide a mechanism for families to build wealth and stability that comes from homeownership," she said.

This initiative was made possible through partnerships with the National Community Investment Fund (NCIF), Wells Fargo’s Community Lending and Investment Group, the NJ Department of Community Affairs, and the City of Newark, which have helped reduce costs for participating families.

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