Atlantic City Homebuyers Assistance Program

What is Atlantic City Homebuyers Assistance Program?

Atlantic City Homebuyers Assistance Program is a shared-appreciation loan for homebuyers in Atlantic City, New Jersey, administered by Atlantic County Improvement Authority (ACIA).

• Down payment and closing cost assistance funded by the Atlantic City Luxury Tax Fund to promote primary homeownership and neighborhood stabilization in Atlantic City. Provides up to $30,000 as a deferred 0% loan with a 20-year shared-appreciation recapture for homes purchased in Atlantic City.
• Up to $30,000 (up to 10% of price for down payment plus up to $5,000 closing costs).
• Deferred 0% loan.
• No monthly payments.
• Partial forgiveness after 5 years, full after 20 years.
• Funding comes from Atlantic City Luxury Tax Fund.

How much assistance does it provide?

Atlantic City Homebuyers Assistance Program offers up to $30,000 in assistance.

• Award tiers: Recapture: <5 yrs = loan + 50% net proceeds; 6-10 yrs = loan + 10% net proceeds; 11-20 yrs = loan only; forgiven if held as primary residence 20 years.
• Amounts are the program's published maximums, not an offer — Atlantic County Improvement Authority (ACIA) determines any individual award.

Do you have to pay it back?

Atlantic City Homebuyers Assistance Program is forgiven after 20 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Repaid at resale, rent, refinance, or any change in title, plus a portion of appreciation per the recapture agreement.
• The assistance is recorded in Second position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Atlantic City Homebuyers Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Atlantic City Homebuyers Assistance Program limits household income to $131,000.

• The limit applies to total household income, not only the borrower&rsquo;s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Atlantic City Homebuyers Assistance Program caps the purchase price at $544,000.

• Eligible property types include Single Family, Townhouse, and Condo.
• New construction is not eligible.
• Manufactured homes are not eligible.

Where does it apply?

Atlantic City Homebuyers Assistance Program serves buyers purchasing in Atlantic City, New Jersey.

• The program targets specific areas: Targeted to homes purchased within Atlantic City for neighborhood stabilization.

How do you apply?

Applications for Atlantic City Homebuyers Assistance Program go through Atlantic County Improvement Authority (ACIA), which publishes the current terms and the application steps on its own site.

1. 1

   Contact Atlantic County Improvement Authority (ACIA) to reserve funds

   Funds are reserved with the provider and are subject to availability.

2. 2

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.