Home Ownership

Section 8 Housing Choice Voucher Program

Participation for at least one year in Section 8 Housing Choice Voucher Program
Employed at least one year. Elderly and disabled exempt from employment requirement
Income of at least $14,500 per year excluding public assistance. Disabled exempt
First-time homebuyers
Not in debt with KCDC or any other housing agency
Never defaulted on a mortgage under the homeownership program
Cooperative members who have already acquired shares
Those already holding a lease/purchase agreement - Contact Us

Minimum income of $14,500 annual earned income (Elderly may include welfare and/or wages)
Full-time (defined as a minimum of 30 hours per week average), continuous employment for one year
Disabled families are eligible at the amount received each month from SSI multiplied by twelve if living alone or paying own

Down payment is 3% with at least 1% from the family's own resources
Required to attend and satisfactorily complete pre-purchase home ownership classes
Locate a home within 60 days (two 30-day extensions may be granted)
Attend post-purchase homeownership classes at KCDC's request

Units not yet under construction at the time the family contracts to purchase a home
House under construction
Single-family house
Condominium
Cooperative
Manufactured home situated on participant's privately-owned property or property that can be leased for 40 years

Maximum term:
- 15 years if initial mortgage has a term of 20 years or longer
- 10 years in all other cases
Time limit applies from initial purchase, regardless of moving to different unit
If lump-sum down payment grant* is chosen, assistance ends at closing of the loan

*HUD has approved the lump-sum down payment grant but has not announced funds available

Call (865) 403-1228 to see if this program is right for you.