In September of 2000 HUD published the final rule to allow Housing Choice Voucher (HCV) participants to use their voucher payments to go toward the purchase of a home. Due to the vast interest on the part of the clients participating in the HCV Program at the Metropolitan Housing Alliance (MHA), a decision was made to re-implement the Homeownership Program.
On April 16, 2015, the MHA’s Board of Commissioners approved to reestablish the Homeownership Voucher Program to allow more HCV Participants the opportunity to become homeowners. Upon the initial implementation of the Homeownership Program, only voucher holders participating in the Family Self Sufficiency (FSS) Program (including those with disabilities) were allowed to participate. However, MHA has opened the Homeownership Program to all other eligible participants on the HCV Program. Specifically, if there is not a qualified applicant from the FSS Program at the time that a voucher is available, a qualifying HCV participant will be chosen.
Below are just a few of the criteria clients must meet to qualify for the homeownership assistance:
- The family must have been admitted to the Housing Choice Voucher program.
- The family must qualify as a first-time homeowner, or may be a cooperative member.
- The non-disabled/non-elderly/elderly family must meet the Federal minimum income requirement of $14,500. The family must have a gross annual income equal to the Federal minimum wage multiplied by 2000, based on the income of adult family members who will own the home……
- Attend a first-time homebuyer’s education class and obtain a Certificate of Completion (class must be HUD certified)
- Complete all requirements and conditions established by a credit counseling agency
- Acceptable credit for loan financing
For general homeownership information contact Cindy Harvey at charvey@mhapha.org or 501-340-4701.
