Newark, NJ – September 15, 2026 -- New Jersey Community Capital (NJCC) has listed two rehabilitated single-family homes on Cortland Street in Newark's Ironbound at $384,900 each, roughly $50,000 below an estimated market value of $435,000, under a $2.625 million state appropriation sponsored by Legislative District 29.
State funding totals $2.625 million across two fiscal years
Senate Majority Leader M. Teresa Ruiz and Assemblywoman Eliana Pintor Marin sponsored the resolution restoring $1,125,000 for the program in the FY27 State Budget, building on a $1,500,000 allocation secured in FY26. Assemblywoman Shanique Speight joined the two in directing the combined funds to Newark housing stability efforts.
Two long-vacant Cortland Street homes return to market
The two properties, vacant for more than five years, were acquired through the New Jersey Abandoned Properties Rehabilitation Act in partnership with the City of Newark and fully rehabilitated by NJCC subsidiary Community Asset Preservation Corporation (CAPC). Both units are now available to income-qualified first-time buyers.
CAPC has created or preserved 1,465 homes statewide since 2009
NJCC has deployed more than $411 million in Newark since 1990, leveraging $1.29 billion in total capital investment and serving close to 54,000 residents. That work includes 350 affordable for-sale homes, 930 affordable rental units, 114 households engaged in homeownership preparation and down payment assistance, 22,406 school and child care seats, 1.91 million square feet of community and commercial space, and support for 74 small businesses.
Additional Newark financing includes $3.2 million for 16 Badger Avenue homes
Recent NJCC commitments in the city include $3.2 million in construction financing for 16 affordable for-sale homes on Badger Avenue, a $650,000 working capital loan to Newark Educators Community Charter School, and a $2.3 million construction loan to Newark Community Health Centers, Inc., which serves 55,000 patients annually.
Address Yourself program has reached 1,076 households with grants up to $30,000
The state appropriation will continue funding affordable for-sale housing creation along with homeownership counseling and down payment assistance grants administered through NJCC's Address Yourself program. Previous state funding through the program has reached more than 1,076 households with one-on-one housing counseling or grants of up to $30,000 to cover down payment and closing cost gaps.
Bernel Hall, President and CEO of NJCC, said Senator Ruiz's support was crucial to rehabilitating the two homes, and that the funding turns nearly four decades of NJCC's mission into homes families can move into.