By Joshua Burd
Business leaders are hoping to shine a light on Atlantic City’s available housing stock — and the incentives for would-be buyers — in a free event slated to take place this week.
The May 25 event, whose organizers include ACDEVCO and the Greater Atlantic City Chamber of Commerce, will take place in person and virtually as stakeholders highlight the more than 300 single-family, multifamily and condo units that are for sale in the South Jersey resort town. They note that Atlantic City has lower-than-average housing costs for a shore community, with a host of amenities such as restaurants, special events and free beaches, but with added challenges that often deter investors.
According to the groups, the majority of the housing in Atlantic City needs upgrading to what current buyers expect, providing a compelling but sometimes difficult 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,” the organizers wrote in a description of the event. “Through grants for homebuyers, 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.”
ACDEVCO, a not-for-profit developer behind the mixed-use Gateway project in the city, is hosting the 6 p.m. event alongside the chamber, the Chelsea Economic Development Corp., Ducktown Community Development Corp., Midtown Revitalization and Uptown Community Development. They will provide information on federal funding for elevating homes, as well as grants for homebuyers.
In addition to existing incentives, AtlantiCare and ACDEVCO have both developed down payment assistance programs for up to $10,000 for qualified buyers, according to a news release. At the event, builders will learn how to pursue federal funding to elevate homes, which makes the property more valuable, reduces the potential for damage and results in lower flood insurance costs.
The in-person event will take place at the Chelsea Inn at 8 South Morris Ave., while the program is also available virtually via Zoom. Register at http://business.acchamber.com/events/details/increasing-new-and-renovated-housing-in-atlantic-city-3059.
