Housing Choice Voucher (HCV) Homeownership Program

The HCR Housing Choice Voucher (HCV) Homeownership Program helps first time homebuyers obtain and retain a home of their own by making monthly payments towards qualified homeownership expenses.  To participate, a family or individual must have an HCV voucher and meet all program requirements.  To apply, or for more information, see below and reach out to the Section 8 Local Program Administrator in your county. 

Although this program is primarily designed for working families, elderly and disabled persons and families may also qualify.  The minimum income requirements for participation include a stable monthly income such as wages from full-time employment, Social Security or other pension benefits. The minimum annual income eligibility may also vary by county.

HCR’s HCV Homeownership Program evolved from a small pilot program in calendar year 2000 to its current status as a national leader in homeownership closings, with over 750 successful closings since that time.

The family must:

• Be an HCR Housing Choice Voucher (HCV) Participant for at least one year
• Be a first-time homeowner or single-parent displaced homemaker
• Attend home buyer education classes*
• Be credit qualified and pre-approved by a mortgage lending institution that meets HUD guidelines as set forth in HCV Homeownership Program regulations
• Not have defaulted on a previous mortgage
• Select an eligible home type (includes single family, co-operative, condominium or manufactured homes)
• Select a home that passes a Housing Quality Standards (HQS) inspection before voucher assistance can be authorized
• Arrange and pay for an independent professional inspection of the home**
• Be responsible for any down payment on the home
• Pay at least 1% of any required down payment on the home from the family’s personal resources unless the family has secured 100% financing
• Occupy the home as their primary residence following closing

• Not sub-let any portion of the home at any time
  
  *For home buyer education classes, HCR has partnered with several HUD-approved housing counseling agencies located in each program area, see list below.  Generally, once an individual or family has completed home buyer education classes and received housing counseling, they may apply to a mortgage lending institution of their choice in order to become pre-approved for a mortgage and begin shopping for a home.

  **A copy of the independent professional inspection report must be provided to the local HCV Program office.  Based on finding in this report, the local Section 8 Program reserves the right to authorize voucher assistance.

Additional Information

If a family wishes to move from their current HCR local program area and continue to use voucher assistance to purchase a home in another area, they may do so as long as the receiving Housing Authority operates an HCV Homeownership program and is accepting new families.

The voucher assistance for homeownership is, depending on the term of the mortgage, limited to either ten or fifteen years.  These time limitations are not applicable to elderly or disabled families.

Contact the HCR Section 8 Local Administrator in your area – find them in the Section 8 Local Program Administrators section of the HCR HCV Webpage.  For more information, visit the HUD Homeownership website.