FAQ - Homeownership Eligibility

Question


What are the eligibility requirements to for the Portland Housing Authority's Voucher Homeownership Program?

Answer

To be eligible, you must meet all of the following criteria:

  • You must be a Housing Choice Voucher (HCV) participant in good standing.
    1. The family has had no family-caused Housing Quality Standards (HQS) violations within the last year.
    2. The family does not owe money to the PHA.
    3. The family has not committed any serious or repeated violations of family obligations under the HCV program within the past 3-year time period.
  • You must have been in the Portland Housing Authority HCV Program for 9 months.
  • The family must be income eligible:
    1. Non-disabled families must have a minimum gross annual income of $16,000, based on the income of adult family member(s) who will own the home.  Income from welfare assistance may not be counted toward this requirement. (HUD minimum $14,500)
    2. Elderly families (Head, Spouse or Co-head is 62 years of age or older) must have a minimum gross annual income of $16,000, based on the income of the adult family member(s) who will own the home.  Income from welfare assistance for the adult family member(s) will be counted towards this requirement.  (HUD minimum $14,500)
    3. Disabled families (Head, Spouse or Co-head is disabled) must have a minimum gross annual income of $14,000, based on the income of adult family members who will own the home. Income from welfare assistance for the adult family member(s) will be counted towards this requirement.  (HUD minimum $8,520)
    4. If a family meets the HUD minimums indicated above but not the PHA minimum annual income requirement the PHA shall consider them to satisfy the minimum income requirement if:
      • The family demonstrates that is has been pre-qualified or pre-approved for financing;
      • The pre-qualified or pre-approved financing meets the PHA financing requirements; and
      • The pre-qualified or pre-approved financing amount is sufficient to purchase housing that meets Housing Quality Standards in our area, approximately $150,000.
  • At least one adult family member, who will own the home, must be working full time, at least 30 hours per week and must have been employed full time at the same job for at least one continuous year.  This minimum employment requirement does not apply to elderly or disabled families. 
  • Employment Requirement:
    1. One or more adult family members who will own the home must be employed full time (average of 30 hours per week) and must have been employed full time at the same job for the at least one continuous year prior to application. 
    2. The employment requirement does not apply to elderly or disabled families (families whose head of household, spouse, co-head, or sole member is elderly or disabled). 
    3. If a family, other than an elderly or disabled family, includes a person with disabilities, the PHA may grant an exemption from the employment requirement if the PHA determines that an exemption is needed as a reasonable accommodation so that the program is readily accessible to and usable by persons with disabilities.  If a family wants such a reasonable accommodation they must request and complete the required additional forms.
  • You must qualify as a first time homebuyer per the HUD definition which is not having owned a home within the past three years. Exception is made for single parent/displaced homemaker families that owned a home with a prior spouse.
  • You must successfully complete a HUD approved Homebuyer Education.
  • You must have a minimum savings or escrow account of $2,000 based on a three month average balance.
  • You must sign a Statement of Homeowner Obligations.