Atlantic City Down Payment Assistance Program

Basic Program Guidelines

1. Eligible Applicants (Households);
2. Who have resided in Atlantic County for the previous 12 months or are employed in Atlantic City,
3. Who have not owned a home for the previous 2 years,
4. Who have the ability to obtain a fixed rate mortgage through NJHMFA approved lenders*,
5. And meet established income guidelines.

Eligible Properties

1. Single family properties including townhouses and condominiums located within Atlantic City, New Jersey,
2. Sales price of property cannot exceed $350,000.00,
3. Property must be primary residence and maintained as same.

Program Financing

1. The Program may provide down payment assistance up to 10% of the purchase price and up to $5,000.00 of eligible closing cost for a combined total amount not to exceed $30,000.00.
2. All down payment and closing cost assistance is offered to the homebuyer as a deferred 0% interest loan, secured by a mortgage, to be repaid to the program based on the proceeds from resale, refinance or any changes in title and a portion of the appreciation as detailed in the recapture provision. 

Household Income Requirements 2011

Income Includes: Wages, Tips/Commissions, Pension / Retirement, Unemployment, Disability, Social Security, Investment Income, Alimony, Child Support, Business Income, Rents, Royalties, Welfare, Annuities, Death Benefits

Approved Lender List for Program Participation*

* As approved by the NEW JERSEY HOUSING & MORTGAGE FINANCE AGENCY

Click here for the Frequently Asked Questions.

For more information contact: The Atlantic County Improvement Authority, 5909 Main Street, Mays Landing NJ 08330 or by Phone at 609-645-5838, ask about ACIA’s Atlantic City Down Payment Assistance Program.