Atlantic City launches historic first time homebuyer program

In a significant move to enhance homeownership opportunities for residents, Atlantic City officials announced a new first-time homebuyer program during a press conference held in Venice Park. Mayor Marty Small emphasized the program's historic nature, aligning with the city's vision for 2024, themed \"Ain't No Stopping Us Now.\"

The initiative, known as the Mayor's Housing Lottery Program, aims to provide affordable housing options by leveraging partnerships with organizations like New Jersey Community Capital. Initially conceived as a plan to distribute parcels of land for free, the program evolved to include financial subsidies to make homeownership more accessible.

Under the new structure, the city will invest $1 million to support the construction of ten new homes, with each unit costing approximately $400,000. New Jersey Community Capital has contributed a $100,000 subsidy per unit, and the city will match this with an additional $100,000. This collaborative effort reduces the effective cost of each home to around $200,000, making it more attainable for first-time buyers.

Mayor Small highlighted the broader economic benefits of the program, noting that new homeowners would contribute to the local tax base and support small businesses in the area. The first four homes are already under construction, with plans for six more units to be built on city-owned land on Maryland Avenue.

As the program progresses, the city anticipates further partnerships and funding opportunities to expand its reach and impact, reinforcing its commitment to improving housing accessibility for Atlantic City residents.