County offers loans to rehab city homes
Eligible Atlantic City property owners can borrow as much as $25,000 in interest-free deferred loans to help rehabilitate their homes and address code-related deficiencies. Repairs may include plumbing, heating, electric, weatherization of windows and doors, insulation, roofing and painting.
The loans are offered as part of the housing rehabilitation program for the city implemented by the Atlantic County Improvement Authority. The ACIA submitted an application in October, which was approved by the Local Finance Board on Nov. 7. Qualified applicants must be the owner and occupant with a household income that does not exceed $100,000. The property must be properly insured and municipal property taxes must be paid in full up to the current quarter. Properties may include single family townhouses and condominiums. All properties must be located within Atlantic City. Each loan must be secured by a mortgage to be repaid to the program in full at the time of resale, transfer of title or refinancing if the new mortgage is structured so the owner cannot meet the program’s subordination conditions.
Homeowners interested in applying should call 609-645-5838, 8:30 a.m. to 4:30 p.m. Monday through Friday. For more information, see atlanticcountyimprovementauthority.org.