The Housing Choice Voucher (HCV) homeownership program allows families that are assisted under the HCV program to use their voucher to buy a home and receive monthly assistance in meeting homeownership expenses. While the HCV homeownership regulations contemplate a downpayment grant option (where the PHA offers a single downpayment assistance grant to the family instead of a monthly homeownership subsidy), funding has not been appropriated for this purpose and this regulatory provision has never been implemented.
Requirements
- Have a HCV Voucher
- Have a good credit record.
- Have some cash for a down payment.
- Be a first time home buyer.
- Need to complete Home Stretch Workshop and pre-purchase counseling.
- Need to be employed or on disability payments.
Home Requirements
- Home needs to pass Section Eight HQS Inspection.
- Home needs to be inspected by a third party inspector.
After Closing
- You must comply with HCV guidelines.
- You may receive assistance for up to 15 years.
- Elderly or disabled may receive assistance for up to 30 years.
For more information, please contact us or visit mnhousing.gov.