In a recent government meeting, Newark's Deputy Mayor outlined the department's mission to foster economic opportunity and enhance the city's vibrancy through a proposed budget of $3.97 million, which includes funding for 77 full-time employees. The budget aims to support initiatives that align with Mayor Ras Baraka's Newark Forward blueprint, emphasizing collaboration and equitable growth for all residents.

Key highlights from the meeting included a focus on affordable housing, with ambitious goals set for the next five years. The city aims to add 3,000 new housing units, fund the creation or preservation of 6,600 affordable homes, and support 1,500 new and 200 existing low to moderate-income homebuyers. Additionally, the city plans to assist 10,000 vulnerable or unsheltered households by 2026.

The Deputy Mayor also discussed the implementation of inclusionary zoning, which has already resulted in 180 affordable units, with 106 leased to Newark residents. Current marketing efforts are underway for four additional projects, allowing residents to apply for affordable housing in mixed-income developments.

Further, the meeting addressed updates to Newark's zoning and land use regulations, which are designed to expedite development and enhance community growth. The recent changes have allowed 16 applications to transition from the zoning board to the central planning board, streamlining the approval process.

The city is also taking steps to activate vacant and blighted properties to generate tax revenue, including the sale of city-owned property and the enforcement of a vacant building ordinance. This initiative has already led to the deregistration of three projects, indicating a shift towards active use.

In terms of equitable development, the city has approved five sites for investment and is considering eleven more, with construction expected to commence on all projects by early 2025. The establishment of a compliance office aims to strengthen rent control measures, ensuring accountability among partners and providing resources to residents facing unlawful rent increases.

The Deputy Mayor concluded by expressing gratitude to the economic development team for their efforts in advancing these initiatives and managing the department's operations. The meeting underscored Newark's commitment to fostering an inclusive and thriving community for its residents.