Section 8 Homeownership
The homeownership program provides assistance with mortgage payments and guides the family through the homeownership process.
Who is eligible to apply?
- Applicant must have successfully completed one-year on the Section 8 Voucher Program
- A minimum annual gross earned income of $14,500, or if elderly/disabled minimum annual gross income of $7,644
- A minimum employment requirement of an average of 30 hours per week for the past year (no employment requirement if elderly or disabled)
- Must be a first-time home buyer or not have owned a home during the past three years unless displaced through divorce or death of a spouse
- A down payment is required of 3% of mortgaged amount, 1% that must come from family's own funds
- The applicant must not have violated any Family Obligations in the past three years which participating in either the Section 8 Voucher Program or the Public Housing Program
- All debts owed to the housing authority or any other housing authority must be paid in full
- Once approved the family must attend and complete the pre-assistance homeownership and housing counseling program
- Units eligible for purchase must be either a single family home, condominium, or manufactured home located within the city limits of Charles City
- The home must pass an inspection through the housing authority and an independent inspection conducted by a licensed home inspector
- The family must sign a contract for sale and provide that contract to the housing authority
- The family is responsible for obtaining their own financing subject to program regulations