How Does Section 8 Home Ownership Work?
The Section 8 Housing Choice Voucher (HCV) homeownership option provides the opportunity for low income families to purchase and build equity in a home of their own if they meet certain additional criteria rather than renting. Only families eligible to receive Section 8 HCV assistance are eligible for the homeownership option. Families must qualify as “first time home buyers”. A first time home buyer is generally defined as a family of which no member owned or had ownership interest in a home for a period of three years prior to homeownership assistance. The family must also meet income, employment and other eligibility standards. Families must also complete a homeownership counseling program.