Housing Choice Voucher Homeownership Option (MHRA)

Housing Choice Voucher Homeownership Option (MHRA) is down payment assistance for homebuyers in Manchester, New Hampshire, administered by Manchester Housing and Redevelopment Authority (MHRA). MHRA's Housing Choice Voucher (Section 8) Homeownership Option lets eligible current HCV participants apply their voucher assistance toward the monthly costs of buying a home instead of rent. A home may be purchased within MHRA's area of operation (within six miles of Manchester's boundary) or elsewhere if that area's PHA also offers the homeownership option. Operated with NH Housing and NeighborWorks Greater Manchester. Voucher assistance applied to monthly homeownership costs instead of rent. Assistance up to 15 years (20+ yr mortgages) or 10 years otherwise. No time limit for elderly or disabled families. Low down payment (as little as 3%, only 1% from own funds). Funding comes from HUD Housing Choice Voucher Program (Section 8), 24 CFR 982.625.

Housing Choice Voucher Homeownership Option (MHRA) is down payment assistance and is repaid under the terms set by Manchester Housing and Redevelopment Authority (MHRA). Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Housing Choice Voucher Homeownership Option (MHRA) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: A single parent or displaced homemaker who, while married, owned a home with a spouse can qualify as first-time; cooperative members' existing interest permitted. A homebuyer education course is required, through New Hampshire Housing Finance Authority; NeighborWorks Greater Manchester / Manchester Neighborhood Housing Services. Must be a current HCV participant in good standing. Employment rule: a family member must work >=30 hrs/week and have done so for a full year (waived for elderly/disabled). No prior default on a program mortgage; no debt owed to any housing authority; no present ownership interest (except cooperative members).

Housing Choice Voucher Homeownership Option (MHRA) sets its income limit as follows: Minimum income requirement: non-disabled families must have adult owner income of at least $14,500 (2,000 hrs x minimum wage); disabled families at least $10,092 (12 x monthly SSI). Welfare assistance not counted toward the minimum unless elderly/disabled. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Housing Choice Voucher Homeownership Option (MHRA) can be used for Single Family, Condo, and Cooperative. New construction is eligible.

Housing Choice Voucher Homeownership Option (MHRA) names homebuyers with disabilities among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Housing Choice Voucher Homeownership Option (MHRA) serves homebuyers purchasing in Manchester, New Hampshire.

Applications for Housing Choice Voucher Homeownership Option (MHRA) go through Manchester Housing and Redevelopment Authority (MHRA), which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.