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
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
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
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