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Sec 8 Homeownership

SCHENECTADY MUNICIPAL HOUSING AUTHORITY (SMHA)
SECTION 8 HOMEOWNERSHIP PROGRAM

WHO CAN APPLY?
 		 INCOME REQUIREMENTS: PROPERTY ELIGIBILITY: ADDITIONAL PROGRAM REQUIREMENTS: PARTICIPATING PARTNERS:
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The Section 8 Homeownership Program assists applicants interested in becoming
homeowners in Schenectady. Eligible, first-time homebuyers may be able to use their Section 8
Rental Voucher subsidy to help meet monthly homeownership expenses for up to 15 years.



WHO CAN APPLY?
 

bullet Allows one or more members of a family to purchase a home. Applicants must be first-time homebuyers as defined by HUD.
 
bulletApplicants must have been assisted by the Section 8 Rental Voucher Program for a period one year prior to receiving homeownership assistance.
 
bullet Preference is given to Family Self-Sufficiency participants who have at least $500 in their escrow accounts.

INCOME REQUIREMENTS:

bullet Must have full-time (minimum 30 hours per week) employment for at least one year prior to application. If elderly or disabled, this requirement is waived.
 
bullet Must meet minimum annual income requirement of $16,000.00. Public Assistance income is not included. If elderly or disabled, this requirement is waived.

PROPERTY ELIGIBILITY:

bulletSingle-family homes located in the City of Schenectady.
 
bulletHome must comply with Housing Quality Standards (HQS) Regulations. Safety and Code issues must be addressed prior to occupancy.
 
bulletFamily must hire and pay for a Certified Structural Inspector to inspect the home.

ADDITIONAL PROGRAM REQUIREMENTS:

bullet Applicants must complete a SMHA approved “Homeownership Workshop Series” and individual housing counseling for budget and credit issues.
 
bullet All purchase and financing terms must be approved by SMHA.
 
bullet Family must live in the home that they purchase.
 
bullet Family must comply with annual re-certification and information updates as requested by SMHA.
  
PARTICIPATING PARTNERS:
 

Better Neighborhoods, Inc., City of Schenectady, Community Land Trust of Schenectady, Inc., Egan Realty, Legal Aid Society, SEFCU.

For further information contact:
SMHA Homeownership Office at (518) 386-7024

 

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