WHO IS ELIGIBLE?

• 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

INCOME/EMPLOYMENT REQUIREMENTS

• Minimum income of $14,500 annual earned income (Elderly may include welfare and/or wages)
• Full-time, continuous employment for one year. Full time is defined as at least an average of 2,000 hours annually
• Disabled families are eligible at the amount received each month from SSI multiplied by twelve if living alone or paying own

WHAT IS REQUIRED OF FAMILY?

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

ELIGIBLE UNITS

• 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

INSPECTIONS

• Must meet KCDC’s Housing Quality Standards (HQS)
• Independent home inspection

TIME LIMITS (DO NOT APPLY TO ELDERLY OR DISABLED)

• 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.