Voucher Programs
HCV Homeownership Program
The Housing Choice Voucher (HCV) homeownership program allows families that are assisted under the HCV program to use their voucher to buy a home and receive monthly assistance in meeting homeownership expenses. While the HCV homeownership regulations contemplate a downpayment grant option (where the PHA offers a single downpayment assistance grant to the family instead of a monthly homeownership subsidy), funding has not been appropriated for this purpose and this regulatory provision has never been implemented.
For more information, contact our program administrators at: HCV@dbhafl.org
Congratulations to the new Homeowners
Homeownership Frequently Asked Questions (FAQs)
Yes, Housing Daytona Beach requires a down payment of at least 3% of the purchase price and that at least 1% of the purchase price comes from the family’s personal resources.
Example: $200,000 purchase price multiplied by 3% is $6000
$200,000 purchase price multiplied by 1% is $2000
Therefore, a total of $6000 would be the required downpayment, out of the $6000, the family must have saved $2000 of their own funds.
Yes, a family must meet the Federal minimum income requirement. The family must have a gross annual income equal to the Federal minimum wage multiplied by 2000, based on the income of the adult family members who will own the home.
$7.25(2000) $14,500 annually
Yes, the minimum income requirement is equal to the current SSI monthly payment for an individual living alone, multiplied by 12.
$967(12) $11,604 annually
Families must satisfy the employment requirements by demonstrating that one or more adult members of the family who will own the home at the time of homeownership assistance are currently employed on a full-time basis. Full-time means not less than an average of 30 hours per week and has been continuously employed during the year before commencement of homeownership assistance for the family.
Yes! Families must meet these additional requirements:
- The family has not had any family-caused HQS inspection violations in the last year.
- The family is not within the initial one-year period of the Housing Assistance Payment contract.
- The family owes no money to Housing Daytona Beach.
- The family has not committed any serious or reported violations of the lease in the past year.
Yes, HDB will assist five new homeownership families per calendar year.
You must be a voucher participant for a minimum of 1 year.
Yes, the family must complete credit counseling through an HDB approved agency.
Yes, the family must complete a homeownership course through an HDB approved agency.
No, however, families that participate in FSS for at least six months or have graduated from the program will be given preference over other families who have not. Elderly and disabled families will automatically be given this preference.
