Atlantic City Residents Become First-Time Homeowners Through Innovative Lottery Program

The City of Atlantic City has made homeownership a reality for four residents through Mayor Marty Small, Sr.'s First-Time Homebuyer Lottery Program, an initiative aimed at making housing more accessible and affordable. The program, which received an overwhelming response with over 400 applicants, culminated in a random draw at City Hall on September 12, 2024.

The four winners—Bianca Rios, Karajenae Peak, Nika Brooks, and Robin Cheatham-Wimbish—are now proud homeowners of properties located in Atlantic City’s Venice Park neighborhood at 1542, 1544, and 1546 Beach Avenue, as well as 2120 Gramercy Avenue.

Affordable Homeownership for Atlantic City

To make these homes attainable, the program leveraged significant investments and subsidies. Each home, costing approximately $400,000 to construct, was reduced to about $175,000 or lower, depending on eligibility for additional assistance programs. The City of Atlantic City invested $1 million into the program, while New Jersey Community Capital (NJCC) contributed $100,000 in subsidies. Additional funding was provided through the City’s Community Development Block Grant (CDBG) office and the Atlantic County Improvement Authority (ACIA).

The program required applicants to meet specific criteria, including proof of employment, pre-qualification for a mortgage loan, and participation in housing counseling programs. To ensure long-term community impact, participants must live in the purchased home as their primary residence for at least 15 years and are prohibited from leasing or using the property for short-term rentals.

Building Momentum for Future Opportunities

The success of this lottery is only the beginning. The City has announced plans to expand the program, with six additional properties set to be included in another First-Time Homebuyer Lottery this winter. These homes are currently under construction, ensuring that more Atlantic City residents will have the chance to achieve their dream of homeownership.

“This lottery program is an example of our aggressive, think-outside-the-box mentality and our desire to give our taxpayers opportunities they’ve never had before,” said Mayor Marty Small, Sr. “Congratulations to our first four winners as we look forward to creating six more homeowners in the coming months.”

Partnering for Success

The program is a collaborative effort involving NJCC, ACIA, OceanFirst Bank, and Atlantic City’s neighborhood Community Development Corporations (CDCs). Together, these organizations are transforming housing accessibility in Atlantic City and contributing to the city’s broader vision of economic growth and community investment.

Through initiatives like the First-Time Homebuyer Lottery Program, Atlantic City is setting a new standard for affordable housing, fostering community pride, and investing in its residents’ futures.