HCV Homeownership Program
The Housing Choice Voucher Homeownership Program is a component of the Housing Choice Voucher Program. The homeownership option provides vouchers to assist first-time homeowners with their monthly home ownership expenses in lieu of a rental subsidy.
If I am currently a participant in the Housing Choice Voucher program and receive rental assistance, can I use my voucher to buy a home and receive monthly assistance in meeting homeownership expenses?
Yes, if your local PHA participates in the homeownership voucher program, and you meet income and other eligibility requirements.
How does a family apply?
If a family feels they meet the eligibility requirements, they should contact Theresa Dean with Housing Authority of Myrtle Beach at (843) 918-1560 or firstname.lastname@example.org
How much financial assistance can PHAs provide in each voucher?
The PHA uses its normal voucher program payment standard schedule to determine the amount of subsidy. The housing assistance payment (HAP) is the lesser of either the payment standard minus the total tenant payment or the family’s monthly homeownership expenses minus the total tenant payment.
What is the total monthly tenant payment?
For purposes of calculating the amount of financial assistance to be provided by the PHA, the monthly tenant payment is generally 30% of the family’s adjusted monthly income. For more information about how to determine total tenant payment contact your local PHA.
How long can a family receive assistance?
There is no time limit for elderly and disabled households. For all other families, there is a mandatory term limit of 15 years if the initial mortgage for the home is 20 years or longer. As long as the participate continues to meet the eligibility requirements of the program.
What families are eligible?
- First-time homeowner
- No family member has owned or had ownership for at least three years.
- Minimum income requirement.
- Employment requirement. Except in the case of elderly and disabled families.
- Additional PHA eligibility requirements. The family meets any other initial eligibility requirements set by the PHA.
- Homeownership counseling. The family must attend and satisfactorily complete the PHA’s pre-assistance homeownership and housing counseling program.
- The family must also meet additional eligibility requirements by the PHA
What is Pre-Assistance Homeownership Counseling?
An eligible family must participate in a home-ownership counseling program. The program may be administered by the PHA or another entity that is approved by the PHA.
Topics may include:
- Home Maintenance
- Budget Management
- Credit counseling and credit repair
Are there any standards for the home to be purchased under this program?
The home must pass an initial housing quality standards inspection conducted by the PHA and an independent home inspection before the PHA may approve the purchase by the family.
What regulations cover this program?
The Regulations are found in 24 CFR Part 982 (particularly see sections 625-642).
For more information please contact Theresa Dean at (843) 918-1560 or email@example.com
Additional Information for the Homeownership Program: