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CRDA
Housing Loan/Incentive Programs
H.O.P.E.
Program
H.O.P.E. (Home Ownership for Performing Employees) is a first-time home
buyer program for employees of Caesars Entertainment (Bally’s
Park Place, Caesars, Claridge, The Atlantic City Hilton) and Resorts
Atlantic City
Casino Hotel. HOPE is a mortgage program offered by the New Jersey Housing
and Mortgage Finance Agency (HMFA) and coordinated through the Casino
Reinvestment Development Authority (CRDA). HOPE home buyers can obtain
a mortgage with no down payment. Closing costs are also permitted to
be
included as part of the mortgage loan. The HOPE program is designed to
assist employees of Caesars Entertainment and Resorts obtain a low
interest mortgage loan to purchase a home in Atlantic City. It is
specifically designed for Bally's, Resorts and Hilton employees who
are
interested in purchasing new 1 & 2 family homes or existing homes
with up to four (4) units.
Police
3-2-1 Program
The 3-2-1 Police Residency Program was designed by the CRDA in cooperation
with the Atlantic City Police Department and the Police Foundation. The
goal of the program is to help stabilize Atlantic City neighborhoods by
making them more economically viable and safer for the citizens who live
and work there. This is accomplished by offering incentives to Atlantic
City police officers who move into city neighborhoods and carry out certain
community-oriented policing activities. Officers can choose existing residences
(including condominiums), rehabilitate older homes, build new ones, or
re-finance their existing Atlantic City home. Under the Police 3-2-1 Program,
marked motor patrol units will be assigned to participating officers to
take home and use during off duty hours. This will create a greater police
presence and assist in efforts to deter crime.
Home
Loan Program for Teachers and School Administrators
This program provides deferred-payment second-mortgage loans to New Jersey
teachers and administrators who purchase houses in CRDA-financed developments
in Atlantic City. The CRDA provides loans for 20 percent of purchase price.
One-tenth of the loan is forgiven each year during a 10-year period. Banks
provide first mortgage loans for up to 80 percent of the purchase price.
For more information, contact Bunny Loper-Rixey, Senior Project Officer, New
Jersey CRDA, 1014 Atlantic Avenue, Atlantic City NJ 08401
Phone: (609) 347-0500 Fax: (609) 347-7009.
NJCRDA/
Atlantic City Resident Discount Program
This program is available to individuals who purchase a single-family
house or twin in CRDA-financed developments in Atlantic City. Residents
receive a discount of 5 percent of sale price when they purchase within
the following projects:
- Oceanside (A 7
percent discount is applicable to an Oceanside townhome purchase)
- The Bungalows
at Smugglers Cove
- Madison Landing
III
- Atlantic Heights/
Virginia Avenue Homes
- Station Heights
Banks make first mortgages
to homebuyers. For more information, contact Bunny Loper-Rixey, Senior Project
Officer, New Jersey CRDA, 1014 Atlantic Avenue, Atlantic City, NJ 08401
Phone: (609) 347-0500 Fax: (609) 347-7009.
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Revitalizing
Neighborhoods
Loan
Programs
Oceanside
Madison
Landing
Atlantic
Heights
Smugglers Cove
Station
Heights
Universal
Design
Demonstration Home
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