Grants directory
Live Newark Program – Home Closing Cost Program
City of Newark Department of Economic & Housing Development · City program
$20,000 no-interest forgivable loan
Newark offers a no-interest forgivable loan to first-time homebuyers for down payment and closing costs on an owner-occupied home in Newark. The program provides $20,000 and is forgiven over five years if the buyer lives in the home.
Program details
How it works
The Home Closing Cost Program is one of the two Live Newark programs. It gives first-time homebuyers in Newark a no-interest, forgivable loan to help with down payment and/or closing costs for the purchase of an owner-occupied residential property.
What the money covers
The funds can be used for down payment and/or closing costs on a home purchase in Newark.
Amounts and forgiveness
- $20,000 per loan.
- 0% interest.
- 20% of the loan is forgiven for each full year the recipient lives in the home, over a five-year period.
How to apply
The city page provides a supporting brochure for the Home Closing Cost Program and identifies the program as part of Newark’s Division of Housing and Finance.
Timing and deadlines
The page does not list a closing date or application deadline.
Full eligibility details
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