Michael Chait, president of the Greater Atlantic City Chamber of Commerce, puts it in a way that anyone in the middle of the house-buying boom in New Jersey can understand.
“The opportunities for waterfront development in Atlantic City are unparalleled in New Jersey and along the East Coast,” he said. “As an urban center with a lot of underutilized and vacant waterfront land, Atlantic City has more potential for new development than most Shore communities.”
Elizabeth Terenik of Atlantic City Development Corp. put it this way:
“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,” she said.
Both Chait and Terenik are working to bring more potential homebuyers to Atlantic City — one of the few places in the state with an overflowing amount of inventory.
The issue, both admit, is that the houses need work — repairs and renovations that normally would price the homes out of the market.
That’s why, on Tuesday, AC Devco and the chamber will hold an in-person (and virtual) webinar to discuss an understanding of the situation and to address obstacles to rehabilitating the current housing stock of waterfront properties.
Information will be provided on FEMA funding for elevating homes, as well as grants for homebuyers. In addition to existing homebuying incentives, AtlantiCare and AC Devco have both developed down payment assistance programs up to $10,000 for qualified buyers.
At the event, builders also will learn how to pursue funding to elevate homes. Home elevation makes the property more valuable, reduces the potential for damage and results in lower flood insurance costs.
Buyers can currently find more than 300 single, multifamily and condo units for sale in Atlantic City, which has lower-than-average housing costs for a beach community.
The Chelsea Economic Development Corp., Ducktown Community Development Corp., Midtown Revitalization and Uptown Community Development are partnering with AC Devco and the AC Chamber on the event.
The event, which will take place at the Chelsea Inn at 8 S. Morris Ave., is free, but you must register to attend. A Zoom link will be provided upon registration.
For more information, contact the Greater Atlantic City Chamber of Commerce at 609-345-4524 or email info@acchamber.com.
