City of Atlantic City Announces First-Time Homebuyer Lottery Program for Residents
Posted July 23, 2024The Application Process Has Ended
Questions regarding the First-Time Homebuyer Lottery should be directed to housinglottery@newjerseycommunitycapital.org
City of Atlantic City Mayor Marty Small, Sr. announced a First-Time Homebuyer Lottery program designed to make buying a home more accessible for Atlantic City residents. The first four homes that will be available through this program are in the Venice Park neighborhood. This program is a partnership between the City of Atlantic City, New Jersey Community Capital (NJCC), OceanFirst Bank, the Atlantic County Improvement Authority (ACIA) and the Atlantic City neighborhood Community Development Corporations (CDCs).
The City of Atlantic City is investing $1-million for ten properties in the program ($100,000 each), while NJCC is giving a $100,000 subsidy. The ACIA, CDCs and the City’s Community Development Block Grant (CDBG) Office will also contribute money, depending on eligibility, bringing the price of these multi-bedroom homes, which cost approximately $400,000 to construct, down to approximately $175,000 or lower. Also depending on eligibility, applicants may be able to reduce the price even more through additional first-time homebuyer programs.
The lottery is restricted to documented residents of the City of Atlantic City, who, as part of the application process, may be asked to provide their credit score, place of employment, verification of housing counseling certificate and verification of pre-qualification of mortgage loan. Applicants will be required to agree to the following conditions:
- Living in the unit as a primary residence for a period of no less than 15 years
- The unit, or any part thereof, shall not be leased or marketed as an Airbnb, or short-term rental
- The equity built into the property at the time of closing (and appreciated over time) cannot be mortgaged
- Prospective candidates must take and complete a first-time homebuyer’s course from a certified counselor
- Selected lottery winners will be asked to be part of the lottery forum, meeting on a quarterly basis to chart program experience
Applications for the first four properties (1542 Beach Avenue, 1544 Beach Avenue, 1546 Beach Avenue, 2120 Gramercy Avenue) were due on august 19, 2024.
The City of Atlantic City will have nothing to do with the selection process. Applications will first be vetted by OceanFirst Bank, then, applications that meet the qualifications will be entered into a lottery conducted by NJCC.