Housing Choice Voucher Homeownership Program
The Longview Housing Authority offers homeownership opportunities to households receiving rental assistance through the Housing Choice Voucher (HCV) Homeownership Program. Eligible households can use their HCV assistance to make house payments for a home they are purchasing. The PHA uses its normal voucher program payment standard schedule to determine the amount of subsidy for the HCV Homeownership Program. Instead of the voucher being used for rental assistance, it is used for mortgage assistance. The family must qualify for the program and attend a series of homeownership workshops. The home chosen must pass initial housing quality standards inspection conducted by the PHA and an independent home inspection before the PHA may approve the purchase by the family.
- Must be in compliance with HCV program guidelines.
- Must qualify as a First Time Homeowner (or not have been a homeowner for 3 years).
- Families must be voucher holders for at least one year.
- Meet minimum yearly gross income.
- Employed continuously for one year a minimum of 30 hours per week. (Not applicable to elderly and disabled residents)
- Families that previously requested assistance and have defaulted with their mortgage are not eligible for this program.
HCV homeownership provides assistance for eligible families to buy a home by applying existing HCV assistance to their monthly mortgage payment instead of their monthly rental payment. The subsidy is offered for up to 15 years if the initial mortgage has term of
20 years or more and 10 years in all other cases. Time limits do not apply to elderly or disabled families. LHA partners with other PHA’s and organizations to provide homeownership counseling and guidance through the home buying process. Participants are provided information on housing unit maintenance and referrals for other counseling such as employment, training and educational opportunities. Most importantly, potential homeowners have access to a support system of housing partners for any information or referrals they may need.