Housing Choice Voucher Homeownership Option (MHRA)

What is 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).
• This is a federal program, so it is available beyond a single state or city.
• Funding comes from HUD Housing Choice Voucher Program (Section 8), 24 CFR 982.625.

Do you have to pay it back?

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.

Who qualifies?

Housing Choice Voucher Homeownership Option (MHRA) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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

• New construction is eligible.

Is there eligibility for specific groups?

Housing Choice Voucher Homeownership Option (MHRA) names buyers 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.

Where does it apply?

Housing Choice Voucher Homeownership Option (MHRA) is a federal program, so it is not limited to New Hampshire.

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through New Hampshire Housing Finance Authority; NeighborWorks Greater Manchester / Manchester Neighborhood Housing Services..

2. 2

   Contact Manchester Housing and Redevelopment Authority (MHRA) to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.