(Atlantic) The Atlantic City Council on Wednesday approved SHIFT ATL’s loan request to flip and re-sell a home in Atlantic.
Alexsis Fleener, Vice-President of SHIFT ATL, submitted a letter to the city council requesting a loan from the City’s Housing Rehab fund. The nonprofit group is currently closing on a residential property within Atlantic to rehabilitate a home and sell it to a buyer at a reasonable and affordable price. The project includes repairs inside and outside, making the house livable and move-in ready again. The request is for a $100,000 loan from the city to make the rehab feasible. Fleener says the loan will help the organization continue to fill its mission of housing improvement. They are requesting the same or similar terms the nonprofit asked for two years ago and successfully re-paid early following the rehab and selling of its first home. SHIFT ATL will pay off the loan within 12 months of receiving the funds.
Jessie Shiels of SHIFT ATL, appearing before the city council, said the loan would be used differently than the first time.
Shiels says this is a 1,500-square-foot home structurally sound, located in a great neighborhood that needs some love. Atlantic City Administrator John Lund says the loan would be distributed in July, with the loan due in July 2024.
The construction process is expected to start in the spring, with completion in the fall of this year.
