AC Launches First-Time Homebuyer Lottery Program

ATLANTIC CITY – Applications for the first four properties available through the recently launched First-Time Home Buyer Lottery Program became available on Monday, August 4, 2024.

Mayor Marty Small, Sr. announced the launch of the First-Time Homebuyer Lottery program on July 22, 2024, a new initiative aimed at making homeownership more accessible for Atlantic City residents. The announcement was made during a news conference in the Venice Park neighborhood, where the first four homes offered through the program are located.

The first four properties to be sold under the program are located at 1542 Beach Avenue, 1544 Beach Avenue, 1546 Beach Avenue, and 2120 Gramercy Avenue. Applications will be available on the City of Atlantic City website. Additional properties and application details will be announced later.

This initiative, a partnership between the City of Atlantic City, New Jersey Community Capital (NJCC), OceanFirst Bank, the Atlantic County Improvement Authority (ACIA), and local Community Development Corporations (CDCs), is designed to provide affordable housing options. The city has allocated $1 million to the program, with NJCC contributing an additional $100,000 subsidy. The combined funding efforts, including contributions from the ACIA, CDCs, and the City’s Community Development Block Grant (CDBG) Office, have significantly reduced the cost of these homes from approximately $400,000 to around $175,000, with potential further reductions based on eligibility for additional first-time homebuyer programs.

The program's lottery was open to documented residents of Atlantic City, who were required to meet specific criteria, including providing credit scores, employment verification, housing counseling certificates, and pre-qualification for a mortgage loan. Selected applicants agreed to several conditions, such as using the property as their primary residence for at least 15 years, prohibiting leasing or short-term rentals, and participating in a first-time homebuyer course.

Mayor Small emphasized the importance of the program for the community, stating, "We are investing in the fabric of our community with this program. We’re creating new taxpayers to support our local economy, which is why this program is vitally important."

The selection process was handled independently, with OceanFirst Bank initially vetting and NJCC conducting the final lottery. The City of Atlantic City expressed gratitude to all partners involved, including City Business Administrator Anthony Swan, City Councilwoman-at-Large Stephanie Marshall, City Economic Development Consultant Baye Adofo-Wilson, NJCC Director of Asset Management Jay Lee, OceanFirst Bank Senior Vice President and Head of Mortgage Sales John Costa, and ACIA Executive Director Timothy Edmunds, who spoke at the news conference.

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