Invest Newark launches region’s first land bank to revive and provide an equitable opportunity to the city’s abandoned properties

Newark Land Bank, an initiative championed by Newark Mayor Ras J. Baraka to improve the quality of life for Newark residents was officially launched on March 2. The Land Bank is a catalyst to lead the way to begin the post-COVID economic recovery of Newark by boosting homeownership and creating affordable and market-rate housing.

“Today, we are making history as the City of Newark launches the State of New Jersey’s first land bank! Our city’s new land bank initiative will help achieve one of the greatest of all American dreams for our residents – homeownership, in the form of affordable and market-rate housing. The City as a whole, will gain from the jobs created by construction and development on these sites, the tax ratables generated, and the conversion of empty lots, abandoned buildings, and blighted areas into empowered neighborhoods and communities,” said Mayor Baraka. “This has been a huge win for our City and a critical component of my administration’s comprehensive Newark Forward strategy.”

“We’re thrilled to officially launch the Newark Land Bank and provide the community with expanded access and opportunity to own their own land,” said Bernel Hall, president and chief Executive officer, Invest Newark. “This program is a powerful community wealth creation tool that allows Newark residents to invest in their neighborhood while investing in themselves. Equitable access to real estate is a crucial step in establishing an inclusive and equitable community and we are proud to continue bringing such opportunities to our residents.”

The program has already proven successful. Within three weeks of launching in late January, the Land Bank website has seen over 900 registered users and 80,000+ Application Program Interface (API) hits.

The Land Bank will not only provide opportunities for local Newark residents to build their own businesses, but the program has already demonstrated its commitment to supporting the city’s job market through its partners. Invest Newark has contracted with Karima Jackson of Exquisite Property Services, a local Newark-based minority- and women-owned business enterprise (MWBE) to provide the maintenance and manage the property preparation. Not only has this company played a crucial role in helping the land bank launch today, but through this partnership, Invest Newark has been able to support the local economy through the pandemic.