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In response to the shortage of housing units that are affordable to extremely low-, very low-, low- and moderate-income households within the City of Newark(the “City”), Mayor Ras J. Baraka desires to find creative solutions and to leverage the City’s resources to expand affordable housing across the City. Increasing affordable housing across the City is one of the many major goals which have been set by the administration of Mayor Ras J. Baraka. Possible avenues which have been explored to achieve this goal include adding density to neighborhoods by encouraging the development of affordable multi-unit and multi-use buildings and building more homes which Newark residents can afford to own. Through the “Equitable Investment in Newark Communities.

(EINC) initiative, the City wishes to increase affordability by developing or rehabilitating single and multi-family homes that residents can own and/or rent at affordable prices. This will be done through the sale of city-owned properties listed in Exhibit A that are owned by and/or shall be acquired by the City, the Newark Landbank, and/or in collaboration with private owners, developers, contractors, and local non-profit organizations who all share the same common interest and intent in developing or rehabilitating single and multi-family homes which shall be sold and/or rented to residents at affordable prices.