Only 25% of residents of Newark, New Jersey, own the home they live in. More than half of those homeowners are seriously burdened by the costs of homeownership.

Now, a new initiative there hopes to alleviate some of those high costs by selling homes to longtime residents for $1 through a lottery.

Deputy Mayor Allison Ladd oversees economic and housing development for the city of Newark. Bruce Marks is CEO of the Neighborhood Assistance Corporation of America, or NACA, which is helping administer the new dollar lottery program.

They joined WNYC's Michael Hill to outline what the road to homeownership will look like for a select handful of people.