The Homeownership Voucher Program minimum eligibility requirements include:
- The family must have been a HCV participant for at least one year in good standing
prior to receiving a Homeownership Voucher.
- The non-disabled/non-elderly family must meet the Federal minimum income requirement
of $14,500. Welfare assistance cannot be used to determine the minimum income requirement.
- For disabled families, the minimum income requirement is equal to the current SSI
monthly payment for an individual living alone, multiplied by 12.
- Welfare assistance payments are considered for adult elderly and disabled family
members who will own the home in determining the minimum income requirement.
- One or more adult members of the family who will own the home must be employed on
a full-time basis and must have been employed during the preceding year. The employment
requirement does not apply to elderly and disabled families.
- Debt to loan ratio and credit rating requirements are determined by lenders.
- The home must be used as primary residence.
- The unit purchased must meet Housing Quality Standards.
- Participants are required to complete a housing counseling program.