In a recent press conference, Atlantic City Mayor emphasized the launch of a new housing initiative aimed at providing affordable homeownership opportunities for residents. The program, set to begin on August 5, will allow eligible applicants to apply for a chance to purchase homes that have seen significant price reductions, with some properties dropping from $400,000 to as low as $125,000 when combined with various funding programs.

The mayor clarified that the application process will be conducted transparently, with no favoritism towards friends or family. Instead, qualifying applicants will be vetted by Ocean First Bank, which will select 250 candidates for a public lottery managed by New Jersey Community Capital. To qualify, applicants must demonstrate stable employment and a satisfactory credit score.

The initiative is supported by multiple funding sources, including Community Development Block Grant (CDBG) funds, which may further reduce the cost of homes for eligible buyers. However, the mayor stressed that there are strict conditions attached to the program. Participants must complete a first-time homebuyer course and are prohibited from taking out second mortgages or renting the properties. Additionally, they must reside in the homes for a minimum of 15 years to benefit from the program fully.

This initiative reflects the city's commitment to enhancing community stability and providing residents with the opportunity to invest in their future through homeownership. The mayor expressed optimism about the program's potential impact, stating, \"We worked extremely hard to get this project off the ground. I'm excited.\"