Newark advances in challenge for affordable housing

  • 2026-10-02
The 2026 Housing Affordability Breakthrough Challenge, conducted by Wells Fargo and Enterprise Community Partners, has named Invest Newark as a semi-finalist in its Housing Choice Voucher Conversion Program.

The program enables residents of Newark who have lower incomes to move on from assistance with rentals, to owning their own homes.

There were 871 applications for the Challenge from groups across the United States. Invest Newark advanced to the second round after making it to the semi-finals along with 38 other organizations. News of such achievements and their potential is often spread throughout a city with flyer printing.

There will be five finalists, each of which will receive $5m for their innovations in housing. They will also receive opportunities for learning from their peers across the country, as well as industry mentorship and technical assistance.

The Housing Choice Voucher Conversion Program of Invest Newark bridges traditionally separate systems to expand access to homeownership.

The Newark Land Bank, the first land bank in the state, is operated by Invest Newark and was established in 2019. It purchases, manages, and develops tax delinquent, abandoned, and vacant properties across the city and enables them to become affordable homes.

Invest Newark is now looking to expand its efforts and increase its ability to reach more families. If it advances to the final round, the plan will be to increase the number of homes in the Land Bank.