Equity Building

After 3 years, the Housing Choice Homeownership program, which allows Section 8 holders to use their vouchers toward a mortgage payment, is still a voluntary program for housing authorities, and only around 1500 families nationwide are participating in the program. Housing policy experts report that "some wealthy areas have been experimenting with the program as a way to make home ownership possible for people in low-paying yet essential jobs, such as day-care workers and teacher's aides." The program entails prepurchase counseling, and the appropriate financing from the housing authority. One of the end goals of the program is to give the opportunity for low income families to build wealth and eventually become self-sufficient. Qualifying for the program requires families to " 'have enough money to save for a down payment but be poor enough to qualify for Section 8 vouchers.' "

Thanks to Connie Chung