The Housing Choice Voucher Program has recently been expanded to include a homeownership opportunity. Under the new program, renters who have participated in the HCV program for a minimum of one year, are ready to buy a house, and have pre-qualified for a mortgage loan from a participating lender, may have their monthly housing assistance payment applied to a mortgage payment rather than rent.
Following is some more information about the program. To speak to a housing counselor about this program, please call 454-9455.
• Household must have an earned income of at least $10,300 per year. Elderly and disabled families may include welfare income.
• At least one member of the household must be employed full-time (30 hours a week or more). Exceptions for disabled and elderly families.
• Applicant must have participated in the HCV program for at least a year.
• No one in the family may have owned a home in the past three years. Exceptions may be made for disabled families.
• Applicants must make a minimum 3% down payment, at least a third of which must come from applicant's own funds.
• Persons participating in this program are expected to find a home themselves and secure financing through a conventional lender.
• Applicants must attend pre-homeownership counseling provided by Housing Authority.
• The HCV Homeownership Program may be used in conjunction with some other First Time Homebuyer Programs.
The monthly homeownership assistance payment is calculated in a manner similar to the Housing Choice Voucher calculation. It is based on monthly homeownership costs and is calculated so that most families pay about 30% of their income in housing costs at the time of purchase.
This payment is adjusted annually based on the household income, and can continue for up to 15 years.
HCV Homeownership Eligibility Worksheet
First Time Home Buyer Down Payment Assistance Program
Housing Authority of the County Santa Cruz Registration Form/
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Si desea una traducción en español, por favor llame al (831) 454-9455.
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