Housing vouchers are commonly known to pay for rental housing, however in the District and counties such as Montgomery, Prince George and Farifax, they have programs that help those same families to become home owners. According to the Washington Post, U.S. Department of Housing and Urban Development’s Homeownership Voucher Program has helped more than 100 families have purchased homes in the District, 16 in Montgomery County, 66 in Prince George’s County, and 28 in Fairfax County. Unfortunately, not many families know the existence of such programs, because in just Montgomery County alone, more than 6,600 vouchers were issued in 2015 and less than 2% are taking advantage of the program.
While each local housing authority has its own specific rules to qualify families, each provides educational programs that help families to improve their credit scores, accumulate savings, and improve their financial situation to qualify with lenders. Moreover, Homeownership Voucher Program protects home buyers by requiring two home inspections: one by the housing authority, second by an independent home inspector.
To find out more:
DC’s Family Self-Sufficiency Program (FSS): http://www.dchousing.org/doc.aspx?docid=351
HUD’s Homeownership Voucher Program: http://portal.hud.gov/hudportal/HUD?src=/program_offices/public_indian_housing/programs/hcv/homeownership
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