Participants in the Housing Choice Voucher (Section 8) Program can convert their tenant-based voucher, if eligible, to the Homeownership Voucher Program. The basic premise of the housing choice voucher homeownership program is that instead of using voucher subsidy to help a family with the rent, the voucher subsidy is provided to help a first-time homeowner meet monthly homeownership expenses.
Families must meet Housing Choice Voucher Program requirements:
- First time homeowner or cooperative member
- Minimum income requirement
- Employment requirement
- Homeownership counseling
- Down payment requirement
- In good standing with the Section 8 tenant-based program for at least one year
- Family Self-Sufficiency participant (optional)
The prospective home must pass an initial housing quality standard inspection conducted by the Housing Agency and an independent home inspection before the Housing Agency may approve the purchase by the family.
Except for elderly and disabled families, Section 8 homeownership assistance may only be paid for a maximum period of 15 years if the initial mortgage incurred to finance purchase of the home has a term that is 20 years or longer. In all other cases, the maximum term of the homeownership assistance is 10 years. Elderly and disabled families are exempt from a time limit for homeownership assistance (there is no time limit on homeownership assistance for elderly or disabled families). If your Section 8 subsidy is terminated for any reason (including if the family earns too much money for continued assistance), the family is responsible for the entire mortgage payment. You will continue to have your annual re-certification every year as long as you remain on the program.
If you are a current Nassau County Section 8 participant interested in Homeownership, please contact us at 516-572-1900.