a massive home buying event kicked off in Newark today with mayor Roz Baraka joining hands with the neighborhood Assistance Corporation of America that's a non-profit organization that works to provide mortgages for those who'd otherwise be denied it's the start of a five-day achieve the dream event where residents can find out whether they qualify for NACA mortgages that have no down payment no closing costs and no fees it's part of Mayor baraka's efforts to reverse the historic impact of redlining and gentrification in Newark Melissa Rose Cooper reports as part of our ongoing Series Chasing the Dream that focuses on Justice poverty and Economic Opportunity I just want to say I'm so grateful and thankful for the opportunity to become a homeowner an accomplishment Newark resident Patricia Hobbs says she manifested into reality Hobbs who closed on our home back in November was able to convert her Section 8 voucher into an affordable mortgage with help from the neighborhood Assistance Corporation of America also known as NACA Naka held my hand a whole way they explain everything that needed to be explained so we kind of knew in the process or was figuring everything out as we went along but I was patient after uploading all my documentation which was fairly easy for me but I understand for some people it may be a little difficult but I got my documentation uploaded in January I was already closing in November now Hobbs is sharing a story with thousands of other hopeful home buyers attending naca's achieve the dream event inside the rubber Treat Hotel in downtown Newark for five days counselors will help determine eligibility for its mortgage program this is factually the best mortgage in America no down payment no closing costs no fees no mortgage insurance at a blue Market fixed rate and we never consider so much credit score stick with this program and we will get you through to achieve affordable home ownership this the city of Newark also partnering with NACA offering eligible long-time residents the chance to buy a city-owned property for as little as one dollar you get a a mortgage with the assistance of NACA and Bank of America and and and move yourself into a home that would be well below market rate sometimes you'll probably be paying more for your rent than you would be for your mortgage and that's important because in New Jersey the wealth Gap is tremendous in New Jersey in fact it has one of the highest wealth gaps in the nation the medium wealth for white families is over three hundred thousand dollars the medium wealth for African-American families is just 17 thousand dollars uh for Latino families about 21 22 000 so it is incredibly large and what's driving that is home ownership the fact that we do not own our own homes that over 70 percent of the people in this city rent Sheila Knox never thought she'd ever be able to afford a home but now with naka's help she knows it's just a matter of time before she and her kids have a place they can call their own At first I felt a little stressed because I didn't know what I was doing with uploading the documents and stuff like that and I felt like I wasn't getting um wasn't communicating with someone but then I met Mr Walker Albert Walker and he just jumped in and he just reassured me and you know we're here home ownership is always important to everybody you're building generational wealth you're getting more of the landlords out of the mix by actually having homeowners into there which is also going to help stabilize our neighborhoods by having more homeowners and less renters so it's building equity and Building Wealth for everyone goals aimed at bringing more housing security for all Newark residents for NJ Spotlight news I'm Melissa Rose Cooper major funding for Chasing the Dream is provided by the JPB foundation with additional funding from the Peter G Peterson and Joan Gantz Cooney fund [Music]