HCV Housing Opportunities
“Formally Section 8”
RRHA offers homeownership opportunities through the HUD-approved HCV Homeownership Program. This program allows families who are currently receiving housing assistance under the HCV program to convert that assistance into a one-time down payment or monthly payments to assist with a mortgage that will allow them to purchase a home.
HCV Housing Program
The HCV Homeownership Program allows a family to purchase a home for approximately the same amount of rent that is currently being paid to a landlord. Once a mortgage company approves a borrower’s application, the Housing Choice Voucher payment is applied to the mortgage payment rather than a rent payment.
HCV Housing Program Qualifications
- Be a current holder of a Housing Choice Voucher
- Have an income of $18,000.00
- Have steady full-time employment for no less than 12 months
- Be a first-time homebuyer
- Be in compliance with the current lease (not owing landlord any money, no tenant violations)
- Have 1% down payment saved and in the bank
- Not have high existing debt which would prevent obtaining a mortgage
- Elderly and disabled have separate requirements
![Sec 8 Homeownership (3-16-21) Young woman writing on a pad of paper](https://rkehousing.org/wp-content/uploads/2021/03/Sec-8-Homeownership-3-16-21.png)
HCV Housing Program Qualifications
- Be a current holder of a Housing Choice Voucher
- Have an income of $18,000.00
- Have steady full-time employment for no less than 12 months
- Be a first-time homebuyer
- Be in compliance with the current lease (not owing landlord any money, no tenant violations)
- Have 1% down payment saved and in the bank
- Not have high existing debt which would prevent obtaining a mortgage
- Elderly and disabled have separate requirements
![Sec 8 Homeownership (3-16-21) Young woman writing on a pad of paper](https://rkehousing.org/wp-content/uploads/2021/03/Sec-8-Homeownership-3-16-21.png)
![Sec 8 Homeownership (3-16-21) Young woman writing on a pad of paper](https://rkehousing.org/wp-content/uploads/2021/03/Sec-8-Homeownership-3-16-21.png)
![Sec 8 Homeownership (3-16-21) Young woman writing on a pad of paper](https://rkehousing.org/wp-content/uploads/2021/03/Sec-8-Homeownership-3-16-21.png)
If you are interested in applying for RRHA’s HCV Homeownership Program and think you meet the income requirements, complete the downloadable application and email it to hcvhomeownership@rkehousing.org or mail it to:
Homeownership
Roanoke Redevelopment and Housing Authority
Attn: HCV Homeownership Program
2624 Salem Turnpike, NW
Roanoke VA 24017