Housing Choice Voucher Homeownership
The Housing Choice Voucher Homeownership Option (HCVHO) is a Southwestern Idaho Cooperative Housing Authority program designed to promote and support homeownership. Qualifying families must be currently receiving Section 8 rental assistance in Canyon, Gem or Elmore County to use their HCV toward the purchase of a home. Your mortgage payment will be subsidized rather than your rent. The HCVHO program is administered locally by SICHA who receives federal funds from the Department of Housing and Urban Development (HUD) to administer the HCVHO program. There are several requirements a family must meet in order to be eligible for the HCVHO program:
- Disabled and/or Elderly Families must meet a minimum income standard equal to the monthly Federal SSI benefit for an individual living alone multiplied by twelve. ($674.00 x 12 = $8,088.00)
- All Other Families must have a total annual income of not less than the Federal minimum hourly wage (presently $7.25) multiplied by 2000 hrs. ($7.25 x 2000 = $14,500)
- Disabled and/or Elderly Families have no employment requirement.
- All Other Families must demonstrate that one or more adult members of the family who will own the home is currently employed on a full-time basis and has maintained full-time employment for a minimum of one year. (Full-time means not less than an average of 30 hours per week.)
- The home must be a single dwelling home or a one unit property such as a townhouse or condominium. The home may be existing or under construction. (Certain restrictions apply. For more information contact a Homeownership Coordinator.)
- You will need to qualify for a mortgage. A Homeownership Coordinator can help you determine if your credit is ready to apply for a home loan.
An individual or family must:
- Be a participant in good standing in the HCV rental assistance program for a minimum of one year.
- Meet the minimum income requirement and employment requirements, if applicable.
- Submit a letter of pre-approval from a participating lending institution.
- Sign a statement of Homeowner Obligations.
- Complete the Home Buyer Education class prior to entering into a purchase sale agreement.
- Provide a minimum of $500.00 toward the purchase of the home.
- Pay the settlement cost associated with purchasing a home. (These costs may be covered by non-profit grant funds.)
- Comply with any additional requirements for homeownership assistance as specified by HUD and/or SICHA.
For more information regarding the HCVHO program, please contact Shawna Lown, Homeownership Coordinator at 585-9325 ext 14.