The Section 8 Housing
Choice Voucher Home Ownership Program is available to
participants of the Housing Choice Voucher Program. It enables a
family to convert their rental assistance into a homeownership
assistance payment. The program provides assistance, counseling,
workshops, and funding so you can someday own your own home.
Are
you Eligible?
Non
Elderly/Disabled Persons are eligible if:
-
You are
in good standing with your lease.
-
You
have met the obligations to the Housing Assistance Program.
-
You
have completed your first annual recertification.
-
You are
a first time homebuyer.
-
You
have a minimum gross annual income equal to the minimum wage
times 2000 hours. (Currently $10,300)
-
At
least one adult in the household has worked an average of 30
hours per week during the past 12 months.
Elderly/Disabled Persons are eligible if:
-
You are
in good standing with your lease.
-
You
have met the obligations to the Housing Assistance Program.
-
You
have completed your first annual recertification.
-
You are
a first time homebuyer.
-
You
have a minimum gross annual income equal to the current
monthly SSI payment for a single individual times 12 months.
What do you have to do?
-
Orientation - You will need to schedule and attend a
homeownership orientation with a Homeownership Counselor.
-
Planning - You will work with a counselor to establish a
plan for home ownership that meets your specific goals. By
the time your plan is complete, your credit will be on track
and you'll have adequate savings for a down payment.
-
Workshops - You will attend the Homebuyer Workshop and
the Village's Homebuyer Education Seminar. Topics covered
range from budgeting, credit history, down payment,
resources, preparing for a mortgage, home inspections, home
repairs, taxes, and lifelong money management.
-
Counseling - You will attend one-on-one counseling
sessions to apply the workshop information to your specific
homeownership goals.
-
Mortgage - After completing your homeownership plan,
we'll refer you to a participating financial institution and
provide you with a certificate of eligibility indicating
that you are in the Homeownership Program.
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