How to Buy a House with Section 8 Voucher - Section 8 Homeownership Program Eligibility Requirements

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HCV HOMEOWNERSHIP PROGRAM
Overview
The Housing Choice Voucher (HCV) homeownership program allows families that are assisted under the HCV program to use their voucher to buy a home and receive monthly assistance in meeting homeownership expenses. While the HCV homeownership regulations contemplate a downpayment grant option (where the PHA offers a single downpayment assistance grant to the family instead of a monthly homeownership subsidy), funding has not been appropriated for this purpose and this regulatory provision has never been implemented.

The HCV homeownership program is available only to families that have been admitted to the HCV program and it is not offered by every Public Housing Agency (PHA). PHAs have the discretion to determine whether to implement the HCV homeownership program in their jurisdictions. To find a PHA in your area that may administer an HCV homeownership program, you may use the homeownership enrollments report below. For contact information of all PHAs by State, not only PHAs administering an HCV homeownership program, click here.

To participate in the HCV homeownership program, the HCV family must meet specific income and employment requirements (the employment requirement does not apply to elderly and disabled families), be a first-time homeowner as defined in the regulation, attend and satisfactorily complete the pre-assistance homeownership, and housing counseling program required by the PHA, and meet any additional eligibility requirements set by the PHA.

Homeownership Regulations and Forms
HCV Homeownership Regulations (24 CFR Part 982, Subpart M) - HCV homeownership regulations are found in Sections 982.625-982.643.

SECTION 8 HOMEOWNERSHIP SUMMARY
A. Authority .
The Section 8 Tenant-Based Assistance: Housing Choice Voucher Program final rule (24
CFR part 982) was published in the Federal Register on September 12, 2000, and was
effective on October 12, 2000. The text of the rule can be found on the HUD Home Page
(www.hud.gov/pih/programs/s8/s8homeownership.html).
B. Section 8 Homeownership .

The rule provides that PHAs may choose to administer a homeownership program but are
not required to do so. The PHA may impose limits on the size of its housing choice
voucher homeownership program, or limit use of the option to certain purposes. HUD
does not provide new housing choice voucher funding for homeownership assistance + the
PHA uses voucher funding available under its annual contributions contract.
C. Eligible Costs.

D. Amount of Subsidy .
The PHA uses its normal voucher program payment standard schedule to determine the
amount of subsidy. The housing assistance payment is the lesser of the payment standard
minus the total tenant payment or the family's monthly homeownership expenses minus the
total tenant payment. The PHA may make the HAP payment directly to the family or the
lender.

Homeownership Rule
E. Eligibility.
To be eligible for housing choice voucher homeownership assistance, the family must be
eligible for the voucher program and meet the following eligibility requirements:
1. First-time Homeowner or Cooperative Member. The family must meet the definition
of a first-time homeowner (or coop member).
2. Minimum Income. The qualified monthly income of the adult family members who
will own the home must not be less than the Federal minimum hourly wage multiplied
by 2,000 hours ($10,300). Except in the case of an elderly or disabled family,
welfare assistance is not counted in determining whether the family meets this
requirement.
3. Employment. Except in the case of elderly and disabled families, one or more
adults in the family who will own the home must be currently employed on a full-time
basis (not less than an average of 30 hours a week) and have been continuously
employed on a full-time basis for at least one year before commencement of
homeownership assistance.
4. No Mortgage default. The family may not have previously defaulted on a mortgage
while receiving voucher homeownership assistance.
5. No Ownership Interest in any Residential Property. Except for coop members, no
family member may have a present ownership interest in a residence at the
commencement of homeownership assistance for the purchase of any home.