New Jersey Community Capital is proud to announce its involvement in a new housing lottery program making homeownership more accessible for Atlantic City residents.
Four lucky winners have been drawn, each receiving the keys to newly constructed, deeply discounted homes in Venice Park, a significant step toward realizing the dream of homeownership.
Watch: New Housing Lottery Program For Atlantic City Residents Makes Purchasing A Home More Accessible From
NBC 10 News at 4 featured the new housing lottery program in this segment:
This housing lottery initiative, led in partnership with the city, offers first-time buyers a chance to purchase homes at significantly reduced prices.
The homes, which cost approximately $400,000 to build, will benefit from NJCC and the city’s joint investment of $100,000 per home.
With additional down payment assistance programs available, the final mortgage could be as low as $150,000 to $175,000.
NJCC President Bernel Hall On The New Housing Lottery:
NJCC President & CEO Bernel Hall expressed the heart behind this program, stating,
“What we’re trying to do is give people the opportunity to realize a dream of homeownership in a way in which they still have the finances to provide for their family.”
This housing lottery program not only helps residents purchase homes but also fosters long-term community investment. Homeowners are required to use their homes as primary residences for at least 15 years and are restricted from short-term rentals like Airbnb, ensuring community stability.
With plans for a second lottery by the end of the year, NJCC remains committed to creating more opportunities for affordable homeownership in Atlantic City, marking this as a first step toward a brighter future for many residents.