Atlantic City, New Jersey Announces First Homeowners Lottery

Mayor Marty Small of Atlantic City, New Jersey, has announced the creation of a first-ever homeowners lottery that will change the lives of the lucky winners.

Each selected lottery winner will have the chance to purchase a new home worth $400,000 for about half the price.

The homes will be located in the Venice Park section of Atlantic City.

This represents a $1 million investment from The City of an Atlantic City.

In case you were concerned that the “game” will be rigged for the “family and friends” of the politically powerful in Atlantic City… Mayor Marty Small has publicly promised that this will not be the case.

Small has promised that the city will not implement the program itself and that it will be implemented by an outside party.

Atlantic City residents interested in participating in the First Homeowner Program can apply through the City of Atlantic City website beginning Monday, August 5, 2024.

Venice Park is a beautiful part of Atlantic City. This is an incredible opportunity to purchase a first home at a greatly reduced price.

City Administrator Anthony Swan reviewed some of the program requirements today and Small confirmed there are no income limits for eligibility.

These are the basic requirements according to the city of Atlantic City:

• Living in the home as a primary residence for a period of at least 15 years
• The unit, or any portion thereof, may not be rented or marketed as Airbnb or as a short-term rental.
• The equity built up in the property at the time of transfer (and increased over time) cannot be mortgaged
• Prospective candidates must complete a first-time home buyer course with a certified advisor
• Selected lottery winners are asked to be part of the lottery forum, which meets quarterly to discuss program experiences.

Small is looking for people who want to commit to a life in Atlantic City.

Small confirmed that the city of Atlantic City will contribute $100,000 for 10 homes and that a nonprofit called New Jersey Community Capital will contribute $100,000 per home.

The lucky winners of Atlantic City’s first-time homeowner lottery will get to buy a $400,000 home in Venice Park for half price.

Here you see the houses:

SOURCE: Atlantic City Council.