Dec 12th 2007, 12:13

Rent or Buy a Home of Your Choice

Find a home of your choice and still get government help to pay for the rent or even to buy the housing unit you like.

The government has many housing assistance programs that are not limited to subsidized housing projects, where you don't have much choice of what kind of housing you will get. If you qualify for government-assisted housing, you can afford to rent or buy a home that you like through the help of the Housing Choice Voucher Program.

What is the Housing Choice Voucher Program?

The Housing Choice Voucher Program is a major federal program that helps very low-income families, the elderly, and the disabled to choose any housing that meets the program requirements, including those in the private market. The Department of Housing and Urban Development (HUD) provides the funds to public housing agencies (PHAs), which in turn use these funds to pay for housing assistance on behalf of the program participants.

Families or individuals may participate in the program. If you qualify, you are responsible for looking for the housing unit, which may include single-family homes, townhouses and apartments.

How does it work? 

If you qualify for the program, the PHA will pay your landlord directly a housing subsidy on your behalf. You will shoulder the difference between subsidy's amount and the actual rent your landlord charges you.

It is important to note that the owner of the housing unit you choose must agree to accept rental payments under the program. The housing unit must also meet the minimum standards of health and safety that your state public housing agency determines.

The program funds are mostly paid towards rental assistance, but in some cases, if your PHA allows, the housing voucher can be used to buy a modest home.

Do I qualify?

Because the PHAs are largely responsible for implementing this program, they decide who qualifies and how much each participant gets through the vouchers.

Your eligibility will be based on your total annual gross income and family size. In general, your family's income should not exceed 50% of the median income for the area in which your family chooses to live.

How do I apply?

To apply for a housing choice voucher, you may contact your local PHA.

When you apply, prepare to give information on your family income, assets, and family membership. The PHA will use this information to know if you are eligible and what amount of housing assistance payments you will get.

Prepare to wait, too. Unless the PHA is able to serve you immediately, your name will be put on a waiting list.

The program is available to U.S. citizens and certain non-citizens who have eligible immigration status.

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1. Increase Your Income:
   Get an online degree with financial aid from the government.
2. ConsolidateYour Bills:
   Student Loans - Credit Card Debts - Refinance Home
3. Reward Yourself:
   Get a free camera phone.
4. Get some cash you don’t have to pay back:
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