If you dream of owning a home, you may be able to make your dream a reality with Section 8’s Homeownership Program!
When most people think of Section 8, they think of the rent assistance program that helps low-income individuals and families afford to live in safe and sanitary dwellings. However, the Section 8 program is quite broad and also includes other types of assistance, such as help for low-income individuals who want to own a home.
The Housing Choice Voucher (HCV) Homeownership Program is for families who are already receiving rent assistance through Section 8 (we will cover Section 8 rent assistance in the following slide).
Families who are enrolled in the HCV homeownership program are able to use a part of their regular housing vouchers to buy a home. This money can go toward homeowner expenses like mortgage payments and fees.
Specific requirements may depend on where you live. However, most PHAs simply require that you are:
- A first-time homeowner.
- Qualified for the Section 8 program based on income.
- Employed full-time (unless you are disabled or elderly).
- Educated on homeownership counseling through an education program.
Even though the Section 8 program is funded on a federal level and organized by the U.S. Department of Housing and Urban Development (HUD), it is administered locally by PHAs all over the country.
HUD allows PHAs to determine many of their own rules when it comes to Section 8 vouchers. This includes rules related to the Section 8 homeownership program. Unfortunately, not every PHA participates in this program.
Therefore, you will need to contact your local PHA to ask about Section 8 homeownership vouchers. The PHA can let you know if it offers the program in your area and provide any details about local requirements.
NOTE: If you need rent assistance and have not yet applied to Section 8 (the Housing Choice Voucher Program), make sure to review the application process in our next slide.