The LHA has been operating an ongoing homeownership program since 1998. The homeownership program is designed to allow Section 8 Program participants to become homeowners, and provides a preference for participants in the Family Self-Sufficiency Program. The program is structured to provide residents with individualized support throughout the homebuying process, from initial interest through post-purchase counseling. Currently, there are 20 participants who are utilizing their Housing Choice Voucher (HCV) to purchase their first home. All participants must meet the following minimum requirements mandated by HUD to be eligible for the program:
- Must be a first-time homeowner as defined by HUD
- Family must meet a minimum annual income of $10, 300.00
- One or more adult family members must be able to document consistent employment in the past year, with exemptions being granted to elderly and disabled participants
- Must complete a HUD Certified Homeownership Counseling program with the cost of the program covered by LHA
- Must have not defaulted previously on Section 8 Homeownership Assistance
- Per the LHA Section 8 Homeownership Administrative Plan, the purchased property must be located within the City of Lowell, MA.
If you are interested in participating in the Homeownership Program, or just have questions, please feel free to contact Mark Briere, Program Director at 978-364-5350.