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In October of 2000 HUD issued a notice that permits Housing Choice Voucher
holders to use the voucher payments to purchase a home.
April 1, 2002, Sacramento Housing and Redevelopment Agency announced the
implementation of this program. The announcement
and forms were mailed to Housing Choice Voucher program participants and
Public Housing residents.
Below are some requirements of the Homeownership Program.
- You must be a first time homeowner or have not had ownership interest in
any home within the past three years.
- You must meet income and employment requirements. An annual income of
$10,300 is required from sources other than TANF or General Assistance.
You must be employed for one year prior to the start of program. Elderly
and disabled families are exempt from continuous employment requirements.
- You must pay off in all debts you owe any Housing Authority. The Housing
Authority will not enter into any repayment agreements.
FAMILY PARTICIPATION REQUIREMENTS
- You must attend a Housing Choice Voucher Homeownership orientation with
the Housing Authority and complete a recertification. All adults must sign
a release of information for credit information.
- You must complete a home ownership-counseling program approved by SHRA
prior to the start of homeownership assistance.
- You must locate a home to purchase within 180 days.
- You must submit a sales agreement to SHRA for approval.
- You must allow SHRA to inspect the home you choose to buy to assure that
it meets Housing Quality Standards.
- You must obtain an independent inspection covering major building
systems of the unit you choose to buy.
- You must obtain SHRA approval of the proposed mortgage.
- You must enter into a written agreement with SHRA to comply with all of
its obligations under the Housing Choice Voucher Program, including the
Homeownership Program.
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