Lottery means four new homeowners in Atlantic City

Atlantic City will soon have four new homeowners.

The first of 10 new homes the city is building were assigned through a lottery Thursday evening.

The four houses at Beach and Gramercy avenues are part of a $1 million city investment to help residents buy their own homes.

Mayor Marty Small announced the program in July.

The homes are worth $400,000 but wit the city's commitment of $100,000 each and another $100,000 from the nonprofit New Jersey Community Capital halves that for the potential owner.

A lottery process included means the buyer’s cost would be half.

Those interested had to apply, and then went through the approval process.

The mayor encouraged those even without good credit to sign up so that they would understand the process and be ready for next time with the goal of building up their credit.

Inside City Council Chambers on Thursday, Small stressed that he was not involved in lottery process.

"Everybody in Atlantic City is my friends and family," he said, anticipating the allegations of favoritism that often come. "This is a fair process. I wish each and every one of you luck."

    Jay Lee, director of asset management for New Jersey Community Capital, chooses the names.
  

He then turned things over to Community Capital's Jay Lee and Danielle Rosen.

Rosen prepared the names and Lee spun a big drum that contained them and pulled out each paper.

Bianca Rios, Robin Cheatham-Wimbish, Nika Brooks and Karajenae Peak were the four winners. Rios was not at the drawing.

The next step for the women will be the down payment, assistance and closing.

While the city and Community Capital money brings halves the price of each house, other programs could bring it down even more.

That includes possibly qualifying for first-time home buyer and Community Development Block Grant programs.

   Mayor Marty Small announced the program in July in front of one of 10 new homes set for the first-time homebuyers.
  

“Conceivably, you can get this house down to maybe $125,000,” Business Administrator Anthony Swan said during the announcement in July.

If for any reason they cannot purchase the homes, eight backups were also chosen.

"Even if you don't succeed, you took the first step," the mayor said.

Six more homes are being constructed and will be part of the next lottery.