Home Ownership Program
Columbia Housing provides current Housing Choice Voucher program participants the opportunity to participate in a home ownership program. If a family meets the criteria stated below, the rental voucher can convert to a home ownership voucher.
Disclaimer: Eligibility to enroll and participate in the Home Ownership Program is not guaranteed eligibility of home ownership. The Head of Household must independently obtain a mortgage prequalification letter from a financial institution. The prequalification letter will state the dollar value of the home that can be purchased by the participant, and provides the participant the opportunity to work with a real estate broker.
- The Head of Household must currently be an active HCV participant, and must have been leased up using the HCV/Section 8 voucher for a minimum of one year.
- The voucher family must currently be in compliance with all HCV program requirements, and must be a family in good standing.
- The Head of Household and/or Spouse must have maintained full-time employment continuously for a minimum of one year.
- Total annual gross income must exceed $14,500 ($9,252 for disabled families). This does not include the value of the voucher.
- Total annual household income cannot be derived from any form of welfare unless it is an elderly and/or disabled person.
- No household member may have any ownership in any other real property.
- The purchaser of the home (and all household members) may not have held title to any property for a period of three years prior to participation in the HOPE program.
- The Head of Household agrees to attend the Home Ownership 101 and Homebuyers Education classes conducted by Columbia Housing and any additional supplemental education classes deemed necessary by Columbia Housing.
- Upon successful completion of the preparation and education portion of the program, the family will be referred to a participating financial institution to be pre-qualified for an affordable home. Columbia Housing will provide the financial institution with the family's estimated homebuyer subsidy for inclusion in the qualification determination.
- The total tenant payment, tenant rent, and housing assistance payments shall be calculated in accordance with all provisions of the Housing Choice Voucher program.
For complete details regarding the Section 8 HCV Homeownership Program, call Teneasha Perkins at extension 212.