Most people are aware of the fact that the Section 8 Housing Program provides rental assistance to low-income families. However, some people do not know that they can actually buy a house using the Section 8 Homeownership Program. People who get Section 8 housing for rent will receive a voucher for their rent. This voucher may cover the entire cost of rent. If the total cost of rent is not covered, then a person will have to pay the difference out-of-pocket. The government helps people buy homes because the same funds that they use to pay rent can also be used to purchase a home.

In many cases, homeowners who receive Section 8 housing will be able to get a better place to live. Homeowners also have the chance to maintain their own property, which is an advantage that renters do not have. Additionally, owning a home allows a person to have a higher standard of living. They now have an asset.
Who is Eligible for the Program?
• A cooperative member or first-time homeowner
• No family member in the household must have owned a home within the past three years
• There is a minimum income requirement that has to be met
• There is an employment requirement that has to be met
• Homeownership counseling

Requirements for a Section 8 Housing Voucher

There are a lot of misconceptions about the Section 8 Housing Program. Many people think that people who are unemployed will be able to get free housing with this program. However, unless the application is disabled or elderly, at least one of the people in the house must be working. The family also has to pay a portion of the housing expenses, which is usually about 30 percent of the adjusted income. That is why people who are unemployed are not eligible for this program.

In order to be eligible, families cannot earn more than 50 percent of the median income in the area. For example, if the median income in the area is $40,000, then the applicants cannot earn more than $20,000 per year.

The program is also required to give 75 percent of the vouchers to people who earn less than 30 percent of median income in their area. This means that if your income is above 30 percent of the median income in your area, then you will likely have a harder time getting approved.

How Long Will I Have to Wait?

The waiting time can vary from place to place. You should contact the public housing authority in your area in order to inquire about the waiting time. Some people are able to get approved within a few months while others have to wait several years before they are approved.

Are Public Housing Authorities Required to Provide a Housing Program?

Public housing authorities may provide a housing program, but they are not required to. The public housing authority may also limit this program if they choose to. However, they are required to provide homeowner assistance to people who have disabled family members.

Income and Work Requirements

One person in the household must work full-time, which is a minimum of 30 hours per week. A person's income must be greater than or equal to 2,000*7.25, which is currently the federal minimum wage. This is equivalent to what a person would make working full time for a full year at minimum wage. Welfare benefits cannot be used unless a person in the household is elderly or disabled.

How Much Assistance can I get?

The amount of assistance that you can get can vary. Your household size is one of the things that will determine how much assistance that you can get. The PHA has set affordability limits in order to prevent people from getting a home that they cannot afford.

15-Year Assistance Limit

You will be able to get the voucher for a maximum of 15 years. If you get a 20-year mortgage, then you will only be able to get the voucher for 10 years. Once this program ends, you will be solely responsible for making sure that all of the housing expenses are paid.