HOUSING CHOICE VOUCHER HOMEOWNERSHIP OPTION PROGRAM

Go from renting to owning your own home!

Housing Authority of the City of Old Town (HACOT) has a new program to help low income families who are eligible for the United States Department of Housing and Urban Development (HUD) Housing Choice Voucher Program (HCV) become homeowners. This program is the Homeownership Option Program (HOP).  Under this program families may choose a house for purchase anywhere in the HACOT service area, instead of using their voucher for rental assistance.

Who is Eligible?

The House
Houses proposed for purchase must pass HUD Housing Quality Standards. A family desiring to buy a home through this program must have the property inspected, at the family's expense, by an independent home inspector selected by the family. Home inspections must include the home's major systems and components, interior and exterior, roofing, plumbing, electrical and heating systems and lead based paint.
Monthly costs of owning and maintaining the home will be calculated to help determine its eligibility for purchase and the amount of mortgage subsidy. Some expenses included in the cost are mortgage principal and interest, real estate taxes, private mortgage insurance, homeowners insurance, maintenance allowance, allowance for repairs and replacement of major systems, utilities, and any condominium or homeowners association fees.

Steps to Owning Your Own Home

HOP Application & Handouts

Please Contact the Housing Authority Office for More Information.