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What it is -
Since May 2002, CMHA has offered the Housing
Choice Voucher Homeownership Program.
Eligible low-to-moderate income working,
elderly and disabled families have an
opportunity to become homeowners by using
their voucher subsidy to help pay the
mortgage on their own homes.
Who is eligible –
To participate, families (including single persons) must:
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Be in good standing on the HCVP;
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Meet HUD’s first time homebuyer
definition;
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Meet minimum annual income
requirements (currently $12,000);
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Have a family member who is a
homebuyer with a one-year history of
full-time employment (not less than an
average of 30 hours per week).
Elderly and disabled families are
exempt from the employment
requirements;
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Be enrolled in Family Self-Sufficiency
(FSS), or be a graduate of FSS who
remained on the HCVP, or be an elderly
or disabled family, or be
Homeownership Ready (minimum annual
earned income of $18,000 for at least
two years); and all must
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Have a minimum personal savings of
$500 in a savings account.
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Program goals –
It is CMHA’s goal to have 25 HCV families or individuals
become homeowners every year. Eligible
persons are referred to the Home Ownership
Center of Greater Cincinnati (HOC), a
non-profit counseling agency under contract
to provide homeownership counseling
services.
How the program works -
The HOC's role in our Homeownership program
is to educate and prepare HCV tenants
(including providing them with classes on
budget and credit repair) for the steps
involved in homeownership. Based on our
decision to use the two-mortgage model for
our Homeownership program, the HCV family
pays the first mortgage based on their
income. The second mortgage is paid with
funds provided by the housing voucher
subsidy and is paid to the HOC as the lender
providing the second mortgage for the
family.
Achieving the American dream -
Homeownership has become a reality for 24
FSS families enrolled in our Homeownership
program. In addition to helping HCV
families achieve the highest level of
self-sufficiency, this program helps
communities by providing good neighbors,
taxpayers who work and live and shop and
help stabilize their neighborhoods. The FSS
staff wants to work with others to help them
achieve their goal of homeownership.
If you are interested in homeownership, and
if you meet the eligibility requirements
(listed above), take the first step by
contacting a Family Self-Sufficiency Program
Coordinator at (513) 977-5824. We want to
put homeownership within your reach.
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