Newark Commits $20M In Affordable Housing Projects Across City

Tom Wiedmann

12 May, 2022

NEWARK, NJ — Newark officials are investing $20 million into multiple development projects through an initiative to make affordable housing more accessible to families earning less than the area median income.

Standing in front of the dilapidated Aspen Stratford Apartments located on the border of the city’s Central and South wards, Newark Mayor Ras Baraka announced plans to renovate the vacant building as part of a string of projects that will make headway under “Affordable Newark,” an initiative to provide quality affordable housing targeted at families earning $32,000 or less - 30% of the AMI for a family of four. The program is backed by the American Rescue Plan Act federal and local housing trust fund dollars.

The housing initiative falls in line with Baraka’s goal of building 3,000 new homes across Newark’s five wards by 2026 and to create or preserve thousands of affordable housing units for the city’s lowest-income residents.

“We want to redevelop, repurpose and transform this community,” Baraka said.

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Newark Commits $20M In Affordable Housing Projects Across City