Atlantic City Down Payment Assistance Program
Basic Program Guidelines
- Eligible Applicants (Households);
- Who have resided in Atlantic County for the previous
12 months or are employed in Atlantic City,
- Who have not owned a home for the previous 2 years,
- Who have the ability to obtain a fixed rate mortgage
through NJHMFA approved lenders*,
- And meet established income guidelines.
- Single family properties including townhouses
and condominiums located within Atlantic City,
- Sales price of property cannot exceed $350,000.00,
- Property must be primary residence and maintained
- 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.
- 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 2015
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,
Click here for the Frequently Asked Questions.
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.