The Housing Choice Voucher (HCV) Program formerly known as Section 8 provides housing assistance low-income families, the elderly, and the disabled, allowing them to live in decent, safe, and sanitary housing for eligible participants. Since housing assistance is provided on behalf of the family, participants are able to find their own housing. Housing choices include single-family homes, townhouses, or apartments. Participants are free to choose housing that meets the requirements of the program and are not limited to subsidized units. A housing subsidy is paid to the landlord directly by PHA on behalf of the participating family. The family then pays the difference between the actual rent charged by the landlord and the amount subsidized by the program.
Housing Choice Voucher Homeownership Program
The Marshall Housing Authority offers homeownership opportunities to households receiving rental assistance through the Housing Choice Voucher (HCV) Homeownership Program. Eligible households may use their HCV assistance to help make monthly payments for a home they are purchasing. The PHA uses its normal voucher program payment standard schedule to determine the amount of subsidy for the HCV Homeownership Program. Instead of the voucher being used for rental assistance, it is used toward eligible homeownership expenses.
The family must qualify for the program and attend required homeownership workshops and/or housing counseling through a qualified housing counseling agency or MHA's community partners. The home chosen must pass an initial inspection conducted by the PHA and an independent home inspection before the PHA may approve the purchase by the family.
Family Requirements
- Must be in compliance with HCV program guidelines.
- Must qualify as a first-time homeowner.
- Families must be voucher holders for at least one year.
- Meet minimum yearly gross income requirements.
- Be continuously employed for one year and work a minimum of 30 hours per week. This requirement does not apply to elderly or disabled residents.
- Families that previously received HCV homeownership assistance and defaulted on their mortgage may not be eligible for the program.
HCV homeownership provides assistance for eligible families to purchase a home by applying existing HCV assistance toward eligible monthly homeownership expenses instead of monthly rental payments. The subsidy is offered for up to 15 years if the initial mortgage term is 20 years or more and 10 years in all other cases. Time limits do not apply to elderly or disabled families.
MHA partners with qualified housing counseling agencies, other PHAs, and community organizations to provide homeownership counseling, homebuyer education, and guidance throughout the homebuying process. Participants may also receive information about home maintenance and referrals for employment, training, education, and other available community resources.
HCV Forms & Documents
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