SECTION 8 HOMEOWNERSHIP PROGRAM
The Section 8 Homeownership Program allows participants to convert vouchers from rental to homeownership. All participants are subject to the following guidelines:
- Must be an active lease holder with Section 8 for a minimum of one year or longer;
- Complete the Homebuyer’s Education and Credit Counseling workshops;
- Qualify for a mortgage loan based on the criteria outlined by the Lender;
- Pay one (1) percent out-of pocket down payment toward the purchase price of the home;
- Responsible for all homeownership expenses not covered by the housing assistance payment; and
- Responsible for locating eligible property they wish to purchase.
INDIVIDUAL DEVELOPMENT ACCOUNT PROGRAM
The Individual Development Account (IDA) is an asset-based strategy program designed to help low-income individuals and families build assets, build financial security and stability, along with stronger communities. The funds from this program will be used to assist homebuyers with downpayment and/or closing costs assistance.
Each participant will be required to save $1,000 of earned income, complete the Homebuyer’s Education and Financial Literacy (Money Smart) workshops in order to receive $2,000 in matching funds from the following agencies: North Carolina Department of Labor and North Carolina Housing Finance Agency.
IDA programs provide participants with the skills and knowledge necessary to make wise housing investment choices and to plan for the future. In addition, IDAs are making the American dream of homeownership a reality for hundreds of low-income North Carolina families.
For more information contact: Clara Richichi, Homeownership Coordinator, 341-7727, ext. 255