Overview

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Overview of HCV Homeownership Program

Welcome to the HCV Homeownership Program Overview page. Here, you'll find all the essential information you need to understand how the program works and how it can help you achieve your dream of homeownership.

What is the HCV Homeownership Program?

The Housing Choice Voucher (HCV) Homeownership Program is designed to help low-income families purchase and own their homes. This program provides monthly housing assistance payments to eligible families, which can be used to meet homeownership expenses such as mortgage payments, property taxes, and homeowner's insurance.

Key Benefits of the Program

Monthly Assistance Payments: Helps cover homeownership expenses, making it more affordable for low-income families to buy and maintain a home.

Flexibility: Families can choose a home within the Public Housing Authority's (PHA) jurisdiction that meets their needs and preferences.

Building Equity: By purchasing a home, families can build equity over time, which can contribute to long-term financial stability.

Eligibility Requirements

To participate in the HCV Homeownership Program, families must meet certain eligibility criteria:

Current Voucher Holders: Must be either current HCV participants or selected from the waiting list.

First-time Homebuyers: Families must be first-time homebuyers, meaning no family member has owned a home within the last three years.

Income Requirements: Non-disabled families must have a minimum annual income that is not less than the Federal minimum wage multiplied by 2,000 hours ($14,500). For disabled families, the minimum income is the monthly Federal Supplemental Security Income (SSI) benefit multiplied by 12 ($10,092).

Employment Requirements: At least one adult family member must be currently employed full-time and have been continuously employed for at least one year. This requirement does not apply to elderly or disabled families.

Homeownership Counseling: Families must complete a pre-assistance homeownership counseling program approved by the PHA.

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Home Purchase Process

Selection and Qualification

Eligible families are selected based on PHA policies and must qualify for the program.

Housing Search

Families search for an eligible home within the PHA's jurisdiction. The home must meet Housing Quality Standards (HQS) and pass an independent professional home inspection.

Financing

Families secure financing for their home purchase. The PHA can provide guidance and support in finding lenders who offer favorable terms.

Contract of Sale

Families must submit a copy of the contract of sale to the PHA, including provisions for pre-purchase inspection and the seller's certification.

Closing

Upon approval, the family completes the purchase, and homeownership assistance payments begin.

Regular Reexaminations: Families must complete regular and interim reexaminations to ensure continued eligibility.

Housing Assistance Payments: Payments are made directly to the lender or the family to help cover homeownership expenses.

Support and Counseling: Ongoing support and post-purchase counseling are available to help families maintain their homes and navigate any challenges.

Ongoing Program Activities

Term Limits and Special Provisions

Term Limits: Homeownership assistance is available for a maximum of 15 years for families with a mortgage term of 20 years or more, and 10 years for shorter-term mortgages. These limits do not apply to elderly or disabled families.

Reasonable Accommodation: The program provides special accommodations for families with disabilities to ensure they have access to suitable housing options.

The HCV Homeownership Program is a valuable resource for low-income families aspiring to own a home. By providing financial assistance and support, the program helps families achieve stability, build equity, and improve their quality of life. If you meet the eligibility requirements and are interested in homeownership, we encourage you to explore this opportunity further and take the first step towards owning your home.