Homeownership is the American dream – one that has left many low-income families behind. PCHA's goal is to assist program participants to achieve their dream of homeownership.
HCV Homeownership Program
The Housing Choice Voucher (HCV) Homeownership Program is offered to eligible participants of PCHA's HCV (Section 8) program. The Homeownership program allows first time homeowners to use their voucher assistance to help meet monthly homeowner expenses. The subsidy received will no longer make payments to a landlord but to a mortgage company. Residents interested in joining the program will be required to meet certain criteria.
Current HCV participants who are interested in joining the program must meet certain eligibility requirements. The participant must be a first-time home buyer, be a participant of the HCV Program for a minimum of one year and in good standing, and meet certain minimum income requirements:
- Currently Employed Full-Time for at least 1 year (Disabled & Elderly are excluded from this requirement)
- Disabled/Elderly Only: Monthly SSI Benefit
- Minimum income of $14,620 annually (Disabled minimum income $8,088 annually)
If you don't meet these eligibility requirements, please check out our Family Self Sufficiency Program (FSS). Once the HCV participant has met preliminary eligibility requirements, they will be required to participate in homeownership counseling sessions to learn more about home buying and financing.
Counseling topics include:
- Home Maintenance
- Budgeting and Money Management
- Credit Counseling
- Negotiating Purchase $ of your Home
- Obtaining a Loan
- and more…
Stop by and visit us at our Homeownership Resource Center! The Homeownership Center is a one-stop-shop dedicated to promoting homeownership activities, such as, making referrals to partnering homebuyer counseling agencies, credit counselors, budgeting classes, information about downpayment/closing cost assistance loans, interest free loans, homebuyer counseling and credit repair, foreclosure prevention, “Dream of Homeownership” seminars, and other information and resources for homebuyers in the surrounding community.
If you are interested in our HCV Homeownership Program, please complete the preliminary application and mail or drop off to PCHA's Homeownership Resource Center at 11479 Ulmerton Road, Largo, FL, ATTN: Homeownership Coordinator. If you have questions, please call (727) 443-7684, ext 3046 or contact us here.
Family Obligations will remain the same as the Housing Choice Voucher (Section 8) Program with a few additions and changes.
- Attend a Homeownership Orientation.
- Meet with the Homeownership Coordinator.
- Sign a release form.
- Report progress in locating a home for purchase bi-weekly to PCHA’s Homeownership Coordinator.
- Secure your own financing for the home purchase
- Loan Application
- Good Faith Estimate
- Down payment assistance documents
- Attend a HUD approved homeownership counselor and submit a copy of the certificate.
Frequently Asked Questions (FAQ)
1. How does the Section 8 Homeownership Program work?
The program will assist you with your monthly mortgage payment based off your income. Meaning the portion you pay and the Housing Authority pays will no longer be sent to the Landlord but to the mortgage company.
2. Can I be a part of the Homeownership Program without a Voucher?
The Homeownership Program requires a voucher, but we may be able to assist you in locating a program to fit your needs.
3. Is there a term of assistance for the program?
- Fifteen (15) years of assistance for mortgages twenty (20) years or longer.
- Ten (10) years of assistance for mortgages less than twenty (20) years.
- No term of assistance for disabled or elderly as long as income eligible.
4. Where can I purchase a home?
5. What type of properties can I purchase?
- The unit must be under construction or already existing.
- Must be a single family home, or a singly dwelling unit in a condominium or cooperative.
6. Are there any restrictions to the unit?
The home must pass a HQS inspection and an independent home inspection must also be conducted before we approve the home.
"I can't say enough about the PCHA's home ownership program. I'm so grateful that they took the initiative to open it back up... In a time when there are opportunities that many people can take advantage of, I'm proud to live where I do and I haven't had that pride of living quarters for quite a long time." ~New homeowner, closed April 2010
“With the help of PCHA’s homeownership program I am now a proud homeowner of a home that accommodates my family. Working with PCHA was a great experience. All the staff was very helpful. The process was smooth and the paperwork was not overwhelming. The homeownership program also gives you a more secure feeling when it comes to owning a home. The best feeling is that the home is yours and you receive the check instead of a landlord. I would recommend this program to anyone that is eligible. PCHA and its staff have been extremely helpful and made the home buying process a great experience.” ~New homeowner, closed November 2010