Housing Choice Voucher (HCV) Homeownership Program

Overview

The HCV Homeownership Program of the Housing Authority permits eligible participants in the HCV Program, including participants with portable vouchers, the option of purchasing a home with their HCV assistance rather than renting. The homeownership option is limited to three percent (3%) of the total HCV program budgeted by the Housing Authority in any fiscal year, excluding disabled and elderly families.

HCV homeownership assistance payments may be used to purchase the following type of housing within Johnson County: new or existing single-family units, condominiums, cooperatives, lofts, and/or manufactured units. Housing Authority will also permit portability of HCV homeownership payments to another jurisdiction, provided the receiving jurisdiction operates a HCV Homeownership Program for which the participant qualifies, is accepting new families, or authorizes the Housing Authority to administer the homeownership assistance in their jurisdiction.

Eligibility

Eligible participants for the HCV Homeownership Program must have completed at minimum a one-year lease term with HCV rental assistance. They must not owe the Housing Authority or any other housing authority an outstanding debt and must meet the eligibility criteria set forth in the HCV Administrative Plan.

How do I apply?

Participants must meet established eligibility and selection criteria, attend and successfully complete Homeownership Education, and obtain private lender financing. Clients interested in the program contact the Homeownership Coordinator to schedule an eligibility assessment. If the current income, assets, and allowances information in the HCV rental file is no older than 60 days, that information is used to compute an estimated HAP for homeownership. Otherwise, the client completes a Tenant Information Form to provide current household, income, asset, and expense information and signs authorizations to release information.

Are there any fees?

No fees.

How do I find out more about Homeownership Programs?

For more information please contact:

Housing Authority Staff
410 E Washington Street
Iowa City, Iowa 52240
319-356-5400