Presently we have 175 families in the program with a capacity of 210. The program can be a very good experience for families that are transitioning into the home buying market or families that have the desire to gain employment or education to improve their living options.
An incentive of the FSS program is an escrow (savings) account. As the family rent increases due to increased earned income (30% of adjusted gross income), the increase of rent is deposited in an escrow account that they may access once their goals are completed.
FSS makes it possible for participants to accumulate substantial sums of money; therefore, giving the family a down payment on a home of their own if they choose that option. To date we have 92 homeowners.
FSS is a wonderful program that is making a difference for those that are successful in achieving their goals. Participants have been able to obtain GED or higher education. Employment and training has become a priority. The desire to move on from housing becomes evident as goals are obtained. Three families have started their own business and a few have sent their children to college or gone back to school themselves.
“Formally known as section 8”
HUD issued a final rule on October 12th, 2000 for the home ownership program, allowing first time homeowners to use voucher subsidy to meet monthly mortgage expenses. Rockford Housing Authority has placed ten clients in their own homes since the inception of the program, with a goal to place two families per year.
Voucher Payment Standard determines maximum subsidy. The monthly Homeownership Assistance Payment (HAP) is calculated as the lesser of: Voucher Payment Standard minus Family’s Total Tenant Payment (TTP), which is 30% of gross adjustment income.
Attend and complete pre-homeownership counseling.
Topics Include:
Attend and complete pre-homeownership counseling.
Topics Include:
Voucher Payment Standard determines maximum subsidy. The monthly Homeownership Assistance Payment (HAP) is calculated as the lesser of: Voucher Payment Standard minus Family’s Total Tenant Payment (TTP), which is 30% of gross adjustment income.
To continue to create strategic partnerships with community stakeholders, design a diverse housing portfolio, leverage social service programming to unite and ensure residents are provided with safe and nurturing environments that lead to self-sufficiency, responsibility, and individual empowerment.
The NAHRO Monitor is here! Don't miss President George Guy's message "Celebrating Our Collective Impact" and other timely news.
Happy Hispanic Heritage Month! 🎉 Let's take this time to honor and celebrate the rich cultures, histories, and contributions of Hispanic and Latinx communities.
What's your favorite way to celebrate Hispanic heritage? #HispanicHeritageMonth #CelebrateCulture #rockfordhousing
New passenger rail service to Rockford could require a regular state subsidy, may include a stop in downtown Elgin
New passenger rail service to Rockford could require a regular state subsidy, may include a stop in...
Metra and Illinois Department of Transportation officials provide more information about exactly how the new system will work.
chi.streetsblog.org
Within 5 years the RHA will re-establish itself as high performing agency that is a leader in housing and sustainable communities by developing additional, non-HUD revenue streams, increasing our asset base and offering state of the art resident initiatives.
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