No Interest Deferred Loans Available for Sandy Victims in Atlantic City
Property owners are eligible to up to $25,000.
Atlantic City property owners who were impacted by Superstorm Sandy are eligible for up to $25,000 in no interest deferred loans, Atlantic County officials announced Thursday morning, Dec. 6.
The loans are designed to help with home rehabilitation, including plumbing, heating, electric, weatherization of windows and doors, insulation, roofing and painting, county officials said.
The loans are being offered as part of the Atlantic County Improvement Authority's (ACIA) Housing Rehabilitation Program for Atlantic City, according to county officials.
“This program is especially timely in the aftermath of Superstorm Sandy that impacted our barrier island communities most severely,” Atlantic County Executive Dennis Levinson said in a statement issued Thursday. “Although the program was conceived prior to the disaster, there are many homeowners with unmet needs for whom this assistance could be extremely beneficial.”
Loans are available for owners and occupants who have household incomes that don't exceed $100,000, according to county officials. Homes must be properly insured and municipal property taxes must be paid in full to the current quarter, county officials said. The home can be a single family townhouse or condominium, but all homes must be located within Atlantic City, county officials said.
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, county officials said.
Homeowners interested in applying may call the ACIA at (609) 645-5838, Monday through Friday, 8:30 AM to 4:30 PM.
For more information, visit www.atlanticcountyimprovementauthority.org.