Atlantic City launches historic homebuyer program for residents

In a significant announcement for Atlantic City residents, Mayor Marty Small unveiled a new first-time homebuyer program during a press event in Venice Park. This initiative aims to make homeownership more accessible for local residents, aligning with the city’s broader vision for 2024, themed \"Ain't No Stopping Us Now.\"

The program, part of the Mayor's Housing Lottery, is designed to provide financial assistance to first-time buyers. Initially, the city considered giving away parcels of land for free, but after discussions with New Jersey Community Capital, the plan evolved into a more structured approach. The partnership has resulted in the construction of four new homes, each featuring three bedrooms and two bathrooms, with a total construction cost of $400,000.

To facilitate homeownership, the city will invest $1 million, providing $100,000 per unit. This investment, combined with a $100,000 subsidy from New Jersey Community Capital, reduces the effective price of each home significantly. With additional support from local Community Development Corporations, the price of these homes could drop to as low as $175,000.

Mayor Small emphasized the importance of this program, stating that it not only creates new homeowners but also generates new taxpayers who will contribute to the local economy. The initiative is seen as a vital step towards revitalizing the community and supporting local businesses.

The first ten units will be developed on city-owned property, with plans for further expansion in the future. This program marks a pivotal moment in Atlantic City's efforts to enhance housing opportunities for its residents.