In order to increase affordable homeownership opportunities in Atlantic City, the City of Atlantic City will use HOME Investment Partnership Program funds to assist low-income, first time homebuyers, with down-payment and/or closing costs.
The City of Atlantic City First Time Homebuyer program provides qualified, first time homebuyers with a zero interest, forgivable loan to assist with purchasing a home located within Atlantic City. The program offers a maximum amount of $20,000 in assistance to cover the down payment on a home and eligible closing costs. If the sales price of the home is less than $100,000 the program offers a maximum of $10,000. Persons utilizing 100% cash for a home purchase are ineligible for this program.
The First Time Homebuyer program will assist those families with income at, or below, 80% of the median family income (MFI). If an Applicant receives $20,000 is assistance, the loan is forgivable if the homeowner remains in the home for a period of (10) years. If an Applicant receives $10,000 in assistance, the loan is forgivable if the homeowner remains in the home for a period of five (5) years. Two thousand dollars ($2000) shall be forgiven each year the Applicant remains in the home. The purpose is to keep the home affordable for low/moderate Income buyers. Should the homeowner sell, lease or transfer the property prior to the end of this five or ten year period, then the loan shall be due and payable upon the sale, lease, or transfer of title.
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