Section 8 to Homeownership
The Metropolitan Development and Housing Agency (MDHA) was approved in February 2000 for a Section 8 Homeownership Demonstration Program. Nationwide, MDHA is 1 of 15 public housing agencies authorized to participate in this demonstration program.
The Section 8 Homeownership initiative that was developed in Nashville, Tennessee is a partnership between public (Metropolitan Development and Housing Agency) and private (Affordable Housing Resources, Inc.) agencies with a history of successful partnerships. It rewards Section 8 Voucher participants with the opportunity for homeownership.
The common goal: To empower working low income persons and families to move off government assistance and into the economic mainstream through homeownership.
Section 8 Homeownership participants must meet three (3) criteria:
- Be enrolled in a Self-Sufficiency program OR referred by Section 8 Staff
- Have an income of at least $15,000 per year or $1,250 per month (before taxes)
- Employed for 36 months (minimum) OR have at least $3,000 saved in a Family Self-Sufficiency escrow account
Additionally, the family:
- Must be 1st time homebuyer
- Must meet minimum income requirements
- Must meet full time employment requirements (except elderly or disabled)
- Must complete homeownership counseling program
- Must locate home to purchase in reasonable time limits (6 months)
- Must be responsible for securing financing
To-date, MDHA has assisted more than 140 new homeowners, with three more expected to purchase homes within the next year.
If you have questions or need additional information, please call Pat Clark, MDHA's Director of Rental Assistance, at (615) 252-6506.