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Leased Housing Family & Resident Services

Homeownership Program



Program Information

The Housing Choice Voucher Homeownership Program provides housing assistance payments to mortgage lenders on behalf of the participants who wish to move out of the rental market into homeownership.

If you are interested in participating or have further questions, please contact us at:

If you are interested in joining or have further questions, please contact us at:

Worcester Housing Authority
Family Self-Sufficiency Program
Phone: (508) 635-3151
32 Great Brook Valley Avenue, Suite 3
Email: Oneill@worcesterha.org

Eligibility
Current Housing Choice Voucher holders that have been in the program for at least one-year and are currently enrolled in the WHA Family Self-Sufficiency program are eligible to participate in the homeownership program.

The household must have an annual gross minimum income of $10,300 - welfare assistance may not be considered. At least one adult in the household must currently be employed full-time - more than 30 hours per week continuously for at least one year. The household must satisfy all first-time homebuyer requirements (see FSS Coordinator for details).

For disabled or elderly households, the household's monthly income must be the Federal Supplemental Security Income (SSI) for an individual living alone multiplied by 12 (example: $552 x 12 = $6,624). In addition, welfare assistance may be considered in determining if the family meets the income requirement, however, in order to be considered for homeownership, you must be a current FSS participant and meet the work requirements.


How does the WHA Housing Choice Voucher Homeownership program work?
The Housing Choice Voucher Homeownership Program works in much the same way as the Housing Choice Voucher Program, however, instead of using the voucher subsidy toward rental payments, the voucher will be used toward monthly homeownership expenses.


What are homeownership expenses?
Homeownership expenses are:

    - Principal and interest on mortgage debt
    - Mortgage insurance
    - Real estate taxes
    - Home insurance
    - Utilities
    - Condominium or co-op charges and fees (if applicable)
    - Other homeownership expenses include WHA allowance for routine & major repairs

How much does the WHA pay?
The WHA makes Housing Assistance Payments (HAP) to the mortgage lender. The HAP is the monthly homeownership assistance payment, which is the lesser of:
    - The Payment Standard minus the Total Tenant Payment (TTP), or
    - Monthly homeownership expenses minus Total Tenant Payment (TTP)

What is the family's share?
The family pays a minimum of 30 percent of their adjusted monthly income to pay homeownership expenses. It is recommended that the family does not exceed 40 percent. Any homeownership expenses not covered by the HAP are the responsibility of the family.


What is the maximum term of assistance provided by the WHA Housing Choice Voucher Homeownership Program?
The maximum term of assistance for a non-disabled/elderly household is:

10 years for a 15-year mortgage
15 years for a 20+ year mortgage
Note: There is no maximum term of assistance for disabled and elderly households

Services




Worcester Housing Authority
40 Belmont Street
Worcester, MA 01605
Phone: 508-635-3000
Hours: 8:00 AM - 4:30 PM