Atlantic City Down Payment Assistance Program


Atlantic City Down Payment Assistance Program

ACDevco is funding two Homebuying Assistance programs in the Chelsea area of Atlantic City that the ACIA will be administering.

Buying Incentives for Police Officers

Buying Incentives for Renters

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 $250,000.00,
  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. 

Resale Guidelines

Household Income Requirements FY2020

Any income up to $100,000.00

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

For more information contact: The Atlantic County Improvement Authority, 1333 Atlantic Avenue, Suite 700, Atlantic City, NJ 08401 or by Phone at 609-343-2390, ask about ACIA’s Atlantic City Down Payment Assistance Program. 

Frequently Asked Questions

For More Information:

Ellen Hiltner, Home Program Manager
Atlantic County Improvement Authority
1333 Atlantic Avenue, Suite 700
Atlantic City, NJ  08410
Telephone: (609) 343-2390
Email:  hiltner_ellen@aclink .org
Monday through Friday, 8:00 am to 4:00 pm