Housing Authority of Frankfort

Homeownership

 

 

 

Purpose: Designed to promote and support homeownership by a “first-time” homeowner.  Housing Choice Voucher payments supplement the family’s own income to facilitate the transition from rental to homeownership.

 

Size of Program: 10 participants added each year.

 

Waiting List Activity:  Placed by qualification with preference for FSS participants.

 

Participation Selection Criteria:  Must meet the following guidelines:

 

 

 

Associated Counseling and Training: Participant must attend and satisfactorily complete the Housing Authority pre-assistance homeownership and credit counseling program, which includes home maintenance, budget management, credit counseling and home financing.

 

Financing: The family must qualify for the mortgage loan under a lender’s normal lending criteria taking into account the fact that this is, by definition, a low-income family.

 

 

*** New Section 8 participants MUST be on Section 8 for 1 year to qualify.