This Program is made possible by funds from the United State Department of Housing and Urban Development to help promote primary home-ownership and neighborhood stabilization in Atlantic County. The Program can provide up to $30,000 in Down-Payment and Closing Cost Assistance to Households who have either lived or been employed in Atlantic County for at least 1 (one) year, who have not owned a home in the last 3 (three) years, and who are purchasing a HOME in Atlantic County (excluding Atlantic City) with a maximum purchase price of $281,000. The amount of assistance will be determined by a need calculation as determined by ACIA and provided in the form of a deferred forgivable loan with no monthly payments due, notwithstanding borrower default. The loan is forgivable after 10 years of the property being maintained as the homeowner’s primary residence.
The Program may provide down-payment assistance up to 20% of the purchase price and up to $5,000 of eligible closing costs for a combined total amount not to exceed $30,000. All down payment and closing-cost assistance is offered to the Homebuyer as a forgivable deferred 0% interest loan, secured by a mortgage, to be repaid to the Program at the time of resale, rent, refinance or any changes in title.
Household Income Limits for 2025
| # of Household Members | 80% of Median Income | |
1 Person |
$56,150.00 | |
2 Persons |
$64,150.00 | |
3 Persons |
$72,150.00 | |
4 Persons |
$80,150.00 | |
5 Persons |
$86,600.00 | |
6 Persons |
$93,000.00 | |
7 Persons |
$99,400.00 | |
8 Persons |
$105,800.00 | |
All adult household members must provide income information.
Income Includes: Wages, Tips/Commissions, Pension/Retirement, Unemployment, Disability, Social Security, Investment Income, Alimony, Child Support, Business Income, Rents, Royalties, Welfare, Annuities, Death Benefits.
The loan must be repaid to the ACIA at any time during the 10 (ten) year term of the loan should the homeowner refinance the property or fail to maintain the property as their primary residence including vacating, renting, or selling the property.
Generally, this program participates with other assistance programs including New Jersey Housing and Mortgage Finance Agency programs.
Additional assistance may depend on availability of funds, where the applicant currently lives or works, where the collateral property is located, and availability of current funds, all of which will be determined by ACIA at the time of receiving a completed application.
Who is eligible?
Anyone who meets all the program guidelines set forth by the Atlantic County Improvement Authority.
Do I have to live in Atlantic County to qualify?
No, you must have either resided in or been employed in Atlantic County for the previous 12 months.
Could I have owned another home?
Neither you nor anyone in your household may have owned a home at any time in the past 3 years.
What are the income guidelines?
The combined household members’ income may not exceed the income limits set forth each year by US Dept. of Housing and Urban Development (see Income Guidelines Section).
What kind of property can I purchase?
Single-family properties including townhouses and condominiums located within Atlantic County, New Jersey (excluding Atlantic City).
What is the maximum purchase price?
The sales price of the property cannot exceed $281,000.00 for existing construction and $289,000 for new construction.
Must I live in the property or can I rent it out to tenants?
The property must be occupied by you as your primary residence and cannot be used as a rental property or sold during the loan term.
How much down-payment assistance can you provide?
The Program can provide up to 20% of the purchase price not to exceed $30,000.
Do you provide help with closing costs?
Yes, the Program can assist with eligible closing costs.
Is there a maximum limit to the amount of assistance?
Yes, the maximum assistance the Program can provide is $30,000.00.
Do I have to make monthly payments on this loan?
No, the assistance will be recorded with the County Clerk as a mortgage lien and repaid when you vacate, sell, rent, refinance or transfer title of the property. Forgiveness is possible after 10, years of residing in the property as your primary residence.
What mortgage lender can I use to apply for this program?
Any mortgage lender with an active NMLS license and the ability to do business in New Jersey.
Kevin Burns, Loan Specialist
Atlantic County Improvement Authority
Telephone: (609) 343-2390
Email: Burns_Kevin@aclink.org