Whatever happened to last year’s $1,000 Valentine’s Day lots?

After Setbacks, Newark Alters a Program to Encourage Home Building

This is what we came here for, to build a better life,” Gilbert Gomez said, standing amid the discarded cups from Popeyes, plastic shopping bags and concrete chunks that littered the street.

Fascinating piece on the challenges of winning one of last year’s Valentine’s Day lots that the city was selling for $1,000.

The new plan is intended to remove obstacles that have slowed the process, including designing a home, getting permits or, most challenging of all, finding a bank willing to provide not just a mortgage but a construction loan in one of the most depressed real estate markets in the country.

Construction loans seem to be one of the biggest deterrents—banks are wary about financing homes in some of the most economically challenged neighborhoods in the city. 

Author: Ken Walker

Husband, Father, Newarker, PCA Elder, Business Analyst. In a glass case of emotion since 1978.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s