|
HUD issued a final rule on 10-12-00 for the homeownership program, allowing first time homeowners to use voucher subsidy to meet monthly mortgage expenses.
Rockford Housing Authority has placed 10 clients in their own homes since the inception of the program, with a goal to place 2 families per year.
Family Requirements
| 1. |
Must be currently enrolled in Family Self-Sufficiency or have successfully completed the program. |
| 2. |
Must be in compliance with Section 8 and FSS programs. |
| 3. |
Must qualify as a 1st time homeowner (or not have been a homeowner for 3 years). |
| 4. |
Families must be voucher holders for at least one year. |
| 5. |
Meet minimum yearly gross income of $10,300.00 |
| 6. |
Employed continuously for one year a minimum of 30 hours per week. (Not applicable to elderly and disabled residents) |
| 7. |
Families that previously requested assistance and have defaulted with their mortgage are not eligible for this program. |
For more details click here: HCV Home Buying
| 
