The Idaho Housing and Finance Association has introduced a new HUD Section 8 Homeownership program for voucher participants throughout Idaho, available to help the disabled own their own homes.
IHFA's program provides assistance on monthly mortgage payments for disabled households-those in which the head, co-head or spouse of a family is disabled. The level of assistance corresponds to the level of rental assistance received under Section 8 guidelines.
Program participation is limited to 40 families statewide (10 through each of IHFA's four branch offices) and is available only to current Section 8 participants. Approximately 1,100 income-eligible families identified as potential participants were invited by IHFA to participate, and 16 families are pursuing participation in the program.
IHFA expects the first participants in the program to close on their new homes in South Central Idaho by the end of the month. The participants must be able to generate a 1-percent down payment from their own resources and have the ability to qualify for a loan with a participating lender.
Boise City/Ada County Housing Authority and Southwestern Idaho Cooperative Housing Authority also developed homeownership programs and had their first loan closings through the program this month.
Planning for the new program began several years ago and kicked off in earnest last August. In March 2003, IHFA held trainings in their Boise administration office for branch office personnel who will be implementing the program.
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