WHAT IS THE VOUCHER HOMEOWNERSHIP PROGRAM?
The Voucher Homeownership (VHO) Program is a component of PHA’s Housing Choice Voucher (HCV) program. This program is designed to assist families in reaching the dream of homeownership, while having the security of the HCV program. The program is especially geared for those families who have insufficient income to save for a down payment but has steady income from wages or disability benefits. The program allows the monthly Housing Assistance Payment (HAP) that would normally be paid to the owner of rental property under the HCV program be paid to the HCV participant to help cover some of the mortgage and other homeownership costs. The factors that determine the HAP under the VHO program are:
The voucher Payment Standard for which the family is eligible;
The monthly homeownership expense; and
The family’s household income.