Atlantic City, New Jersey Announces 1st Time Homeowner Lottery

Atlantic City, New Jersey Mayor Marty Small has announced the creation of a 1st time homeowners lottery, that will change the lives of the lucky winners.

Each selected lottery winner will have the opportunity to purchase a new $ 400,000 home for approximately 1/2 price.

The homes will be located in the Venice Park section of Atlantic City.

This represents a $ 1 million investment from The City of a Atlantic City.

In case you’re concerned that the “game” will be rigged for “family and friends” of the politically powerful in Atlantic City … Mayor Marty Small has publicly promised that this will not be the case.

Small has pledged that The City will not run the program and that it will be handled by an outside interest.

Atlantic City residents who are interested in being considered for the 1st time homeowners program may apply beginning on Monday, August 5, 2024 on The City of Atlantic City website.

Venice Park is a beautiful section of Atlantic City. This is an incredible opportunity to purchase a first home at a very discounted price.

City Business Administrator Anthony Swan reviewed some of the program requirements today and Small confirmed that there are no income limits in order to qualify.

Here are the basic requirements as per the City of Atlantic City:

• 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

Small is looking for people who want to make a commitment to live in Atlantic City.

Small confirmed that the City of Atlantic City will contribute $ 100,000 for ten homes and that a nonprofit organization called New Jersey Community Capital will contribute $ 100,000 per-home.

The lucky Atlantic City 1st time homeowner lottery winners will be able to purchase a $ 400,000 Venice Park home for 1/2 price.

Here is a look at the homes:

SOURCE: Atlantic City Council.