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.

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.

Atlantic City Homebuyers Assistance Program is forgiven after 20 years, so a homebuyer 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.

Atlantic City Homebuyers Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Neither applicant nor any household member may have owned a home in the last 3 years. On credit, the program states: Not specified; must obtain a non-high-cost fixed-rate mortgage from a licensed NJ lender. Residency requirement: Resided in Atlantic County 12 months OR employed in Atlantic City 12 months. Property in Atlantic City, maintained as primary residence for loan term. Citizenship or immigration status: Non-permanent residents of the U.S. or NJ are disqualified.

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.

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.

Atlantic City Homebuyers Assistance Program serves homebuyers purchasing in Atlantic City, New Jersey. The program targets specific areas: Targeted to homes purchased within Atlantic City for neighborhood stabilization.

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