February 21, 2023 – see a video of our latest lottery drawing here.
The Housing Choice Voucher Homeownership Program (HCVHP) uses a voucher subsidy, that once helped families pay rent to their landlord, to be used to help first-time homeowners pay their mortgage.
The Homeownership Program is offered to eligible Howard County Housing Commission voucher holders. The program allows participants to have their housing subsidy applied towards a monthly mortgage payment, after a home is purchased. Residents who wish to join the program must meet certain eligibility requirements and when deemed eligible they are required to attend a homeownership orientation and education course in order to prepare for home ownership. Participants select homes for purchase and secure their own mortgage financing through a lender.
Similarities between renting with HCV and Homeownership
- Residents contribute 30% of their income towards either their monthly rent or a mortgage.
- HCHC uses the same payment standard as used in calculating a housing assistance payment for renting an apartment.
- Must be a current participant of the Housing Choice Voucher Program in good standing.
- Must attend the Voucher Homeownership Information session
- Must have a minimum annual income of $40,000. * Working full-time (at least 30 hours per week or more) and continuous employment for at least one year.
- Must have at least $2,500 in savings (but more may be required).
- Must be a first-time homebuyer not having owned a home during the last 3 years.
- Must have a minimum credit score of 620.
* In the case of an elderly or disabled family, the Howard County Housing Commission will consider income from all sources in evaluating whether the household meets the minimum income requirement.
**Current Family Self-Sufficiency (FSS) participants or graduates have priority in the Homeownership Program.
For more information contact Barbara Dowridge-Williams (FSS Coordinator) at bwilliams@HouseHoward.org or 443-518-7820.