Increasing New and Renovated Housing in Atlantic City

Unlike other towns, Atlantic City has available housing inventory.  Buyers can currently find 322 single, multi-family, and condo units for sale.   Atlantic City also has lower than average housing costs for a beach community, and lots of amenities for home buyers such as great restaurants, special events, and free beaches.

The challenges?  They vary depending on the requirements of the buyers, but the majority of housing needs upgrading to what current buyers expect.  The housing description “fixer upper” sends most buyers running but is a great opportunity for contractors and do-it-yourself buyers. 

The main obstacle has been the end value is lower than the cost to buy and renovate.  Through grants for home buyers, grants for elevating structures, and the strong housing market, now is the best chance Atlantic City has seen in decades to upgrade its housing stock and increase values.  The opportunities for waterfront development is unparalleled in New Jersey, and along the east coast.

With the goal of understanding and helping to address obstacles to rehabilitation of housing stock, ACDEVCO, along with Chelsea Economic Development Corporation, Ducktown Community Development Corporation, Midtown Revitalization and Uptown Community Development, is hosting a discussion on the topic.

Information will be provided on FEMA funding for elevating homes, as well as grants for home buyers.  In addition to existing home buying incentives, AtlantiCare and ACDEVCO have both developed down payment assistance programs up to $10,000 for qualified buyers.

At the event, builders will learn how to pursue funding to elevate homes.  Home elevation makes the property more valuable, reduced the potential for damage, and results in lower flood insurance costs.  Hundreds of homes in Atlantic City have been elevated in the last ten years.