Section 8 HCV Homeownership
Section 8 Housing Choice Voucher (HCV) Homeownership is a subsidy program under which a voucher is used to help purchase a home for current AAHC HCV participants in Washtenaw and Monroe Counties. The participant is free to choose any housing that meets the requirements of the program.
This HUD HCV Homeownership Video explains the HCV Homeownership program, which allows participants to use their voucher to buy a home and receive monthly assistance in meeting homeownership expenses.
A housing subsidy is paid by the AAHC on behalf of the participating family. The family then pays the difference between the actual monthly mortgage including any other homeowner expense and the amount subsidized by the program.
A family that is issued a homeownership voucher is responsible for locating a lender for mortgage approval and finding a suitable home of the family's choice. Homes must meet minimum standards of health and safety, as determined by the AAHC.
Eligibility
To be eligible, participants must be a current AAHC Voucher holder and must meet the
income and employment guidelines, based on family size. The household member must meet screening criteria for program approval. Contact us for an
application.
Please note: Current AAHC Voucher families must be pre-approved by AAHC for the Homeownership Voucher program prior to purchasing a home.
Affordable Homeownership Opportunities
Other homeownership opportunities include
Habitat for Humanity,
MSDHA Homeownership, and
USDA Rural Development Home Loans. Recently, the City of Ypsilanti announced
Dorsey Estates, a homeownership opportunity that is available to local first time homebuyers. Homebuyers can get assistance with
down payment cost as well.
