What is the Section 8 Homeownership Voucher Program?
Families who have been determined eligible for voucher assistance have the option—if they meet certain additional criteria—to look for a home to buy, rather than lease. Participating families have the primary responsibility for finding eligible homes to purchase, and for getting financing for their homes.
The potential homebuyer is provided with assistance to repay their mortgage loan for a maximum period of 15 years. There is no term limitation in providing assistance for disabled or elderly families that are eligible for and participate in the Program.
Workshops, seminars, and mentoring increase financial literacy and assist participants become self-sufficient. It has been successful in helping families break the generational cycle of poverty.
Who is eligible
BRHA may provide homeownership assistance to a family if it determines that the family satisfies all of the following initial requirements at commencement of homeownership assistance for the family:
- The family has been in the Section 8 Housing Choice Voucher Program for one year
- The family satisfies any first-time homeowner requirements
- The family satisfies the minimum income requirement*
- The family has not defaulted on a mortgage securing debt to purchase a home under the homeownership option
Except for cooperative members who have acquired cooperative shares prior to commencement of homeownership assistance, no family member has a present ownership interest in a residence at the commencement of homeownership assistance for the purchase of a home.
*Although this program is designed for working families, elderly and disabled persons also qualify. Minimum income requirements for this program include a stable monthly income:
- wages from full-time employment
- social security and/or
- pension benefits
When should Section 8 Housing Choice Voucher holder apply for homeownership voucher?
- After one year in the Boca Raton Housing Authority Section 8 Housing Choice Voucher Program
- After working families have continuous full-time employment for at least one year
- Earning a gross income that is equal to 2,000 hours of annual full-time work at the prevailing Federal minimum wage (except for the disabled or elderly)
- After securing financing from an approved financial institution
- After completion of the Boca Raton Housing Authority Homeownership Program requirements according to the FSS Manager.
Where a participant can purchase a home
The implementation of this option will provide eligible voucher holders the ability to expand their housing opportunities beyond the rental market and use their assistance to purchase homes in the communities of their choice.
How to apply for the Housing Choice Voucher Homeownership Program
Homeownership applications are available at the front desk of BRHA’s main office. Return completed applications to the front desk, and you will be notified by the FSS Manager.
Post purchase counseling is available to give support to first-time homebuyers.
The Homeownership CLUB consists of homeowners who have purchased homes after graduating from BRHA’s Family Self-Sufficiency and Homeownership Programs. Meetings provide a variety of informational topics, which give our home owners continued support.