Participants

Contact Your PHA: The first step is to check if your Public Housing Authority (PHA) has adopted and amended their Housing Choice Voucher (HCV) Homeownership Program. Not all PHAs participate, so it’s important to verify this. Amendments Required: Your PHA must update their administrative plans to include the homeownership option. Reach out to your local PHA to find out if they offer this program.

Current Voucher Holder: Ensure you are a current HCV participant or have been selected from the waiting list. First-time Homebuyer: You must be a first-time homebuyer, meaning you haven’t owned a home in the past three years. Meet Income Requirements: Your family’s income must meet the program’s minimum requirements. For non-disabled families, this means an income of at least $14,500 annually. For disabled families, the requirement is $10,092 annually. Employment Requirements: At least one adult family member must be employed full-time for at least one year. This requirement is waived for elderly or disabled families.

Mandatory Counseling: Enroll in and complete a pre-assistance homeownership counseling program approved by your PHA. This counseling will cover essential topics such as budgeting, credit repair, and the home buying process.

Housing Search: Start looking for a home within your PHA’s jurisdiction. The home must meet Housing Quality Standards (HQS) and pass an independent inspection. Contract of Sale: Work with your real estate agent to draft a contract of sale that includes provisions for necessary inspections and seller certifications.

Get Loan Approved + Downpayment Assistance Lender Search: Find a lender who is familiar with the HCV Homeownership Program and can offer favorable mortgage terms. Your PHA can provide guidance on this. Submit Financing Documents: Submit your financing documents to the PHA for review and approval.

Finalize Purchase: Once your PHA approves the home and financing, you can proceed to closing. This is when you sign the final paperwork and take ownership of your new home.

Begin Homeownership Receive Assistance: After closing, the PHA will begin making monthly housing assistance payments to help with your homeownership expenses. Ongoing Support: You will continue to receive support and counseling from your PHA to help you maintain your home and stay on track.