| Section 8: Homeownership Program | |
Homeownership
The homeownership option is used to assist a family residing in a home purchased and owned by one or more members of the family.
LCHA will offer the homeownership option only to participating families who are currently enrolled in the Family Self-Sufficiency (FSS) Program and are in compliance with the FSS contract or those who are willing to enroll in the FSS Program.
LCHA will limit homeownership to a maximum of twenty-five (25) families at any given time.
Eligibility Requirements
The family must meet all of the requirements below before the commencement of homeownership assistance.
The family must be eligible for the Housing Choice Voucher Program.
The family must qualify as a first-time homeowner, or may be a co-operative member
The family must meet the Federal minimum income requirement. The family must have a gross annual income equal to the Federal minimum wage multiplied by 2000, based on the income of adult family members who will own the house.
Unless the family is elderly or disabled, income from welfare assistance will not be counted toward this requirement.
The family must meet the Federal minimum employment requirement. At least one adult family member who will own the home must be currently employed full-time and must have been continuously employed for one year prior to homeownership assistance. HUD regulations define "full-time employment" as not less than an average of 30 hours per week.
Homeownership Counseling Requirements
When the family has been determined eligible, they must attend and complete homeownership counseling sessions. These counseling sessions will be conducted by Tabor Community Services and the Lancaster Housing Opportunity Partnership.
|