Homeownership Program

Homeownership Program

BHA offers prospective homebuyers 3 distinct Homeownership Programs.

1. Section 32 Homeownership

BHA owns scattered single family homes located throughout the city. These homes are available for purchase by income-eligible individuals and families. In order to purchase one of these homes, you must meet the following criteria:

• You must be a first-time homebuyer, (i.e. no member of the family has had any ownership interest in a principal residence in three years)
• You must earn at least $17,000 per year. You can qualify if you make up to 80% of the area median income
• You must have two years of employment
• You must pre-qualify for a fixed-rate mortgage from the lender of your choice
• You must provide a down-payment of 1% of the purchase price of the home, or a minimum of $1,000
• You must complete a qualified Homebuyer Training Course

Click to view a listing of available homes .

2. Housing Choice Voucher Homeownership

The basic premise of the Housing Choice Voucher Homeownership Program is that instead of using the voucher subsidy to help a family with the rent, the voucher subsidy is provided to help a first-time homeowner meet monthly homeownership expenses. In order to qualify for this program, you must already have a Section 8 voucher that BHA can convert to homeownership. Vouchers are not issued strictly for homeownership.

To qualify for the program, you must meet the following criteria:

• You must be a first-time homebuyer, (i.e. no member of the family has had any ownership interest in a principal residence in three years)
• Your annual income must be equal to or greater than the federal minimum hourly wage multiplied by 2,000 hours
• Welfare assistance may not be counted in determining if a family is income-eligible
• You must have two years of continuous employment
• You must pre-qualify for a fixed-rate mortgage from the lender of your choice
• You must provide a down-payment of 1% of the purchase price of the home
• You must complete a qualified Homebuyer Training Course

3. HOPE VI Homeownership

As part of the HOPE VI Program, BHA has contracted with Lazer Homes to develop 87 single-family homes. This new subdivision, located off of Concord Road, will be called Regent II. Forty-six of these homes have been set aside for affordable homeownership, and the remaining 41 homes will be market-rate. Qualified buyers may be eligible for down-payment assistance, provided they meet the following criteria:

• Must pre-qualify for a fixed-rate 15- or 30-year mortgage from the lender of your choice
• Must be a first-time homebuyer
• Must attend required Homebuyer Training Course
• Must have at least 1% of own savings towards a down-payment
• Must meet income guidelines. Limits vary by family size

Income Limits effective May 14, 2010

To learn more about the HOPE VI Homeownership Program, please read the Regent II Brochure .