Section 8 Vouchers Can Be Used to Buy Homes
Welfare recipients can now use federal rent vouchers to purchase manufactured homes, under a new housing reform bill President Obama signed into law in late July.
Low-income families can currently use their Department of Housing and Urban Development Section 8 vouchers to rent a manufactured home. However, under the new bill, families will now be able to use the vouchers for making a mortgage payment as well as pay property taxes and insurance on manufactured homes.
Leslie Gooch, senior vice president and chief lobbyist for the Manufactured Housing Institute, says the legislation is an important step in helping low-income families achieve home ownership.
"A Section 8 voucher holder will now have the option to use their federal housing assistance to cover the full annual cost of purchasing a manufactured home,” Gooch says. “This change provides families the opportunity to become home owners, rather than only being allowed to use Section 8 vouchers for rent payments.”
The housing reform law also included major reforms to the Federal Housing Administration’s condominium program, which was hailed by the National Association of REALTORS® as a “significant step” in eliminating barriers to safe, affordable mortgage credit for condos.
Source: “New Housing Law Offers Homeownership Opportunities for Welfare Recipients,” National Mortgage News (Aug. 2, 2016)
Welfare recipients can now use federal rent vouchers to purchase manufactured homes, under a new housing reform bill President Obama signed into law in late July.
Low-income families can currently use their Department of Housing and Urban Development Section 8 vouchers to rent a manufactured home. However, under the new bill, families will now be able to use the vouchers for making a mortgage payment as well as pay property taxes and insurance on manufactured homes.
Leslie Gooch, senior vice president and chief lobbyist for the Manufactured Housing Institute, says the legislation is an important step in helping low-income families achieve home ownership.
"A Section 8 voucher holder will now have the option to use their federal housing assistance to cover the full annual cost of purchasing a manufactured home,” Gooch says. “This change provides families the opportunity to become home owners, rather than only being allowed to use Section 8 vouchers for rent payments.”
The housing reform law also included major reforms to the Federal Housing Administration’s condominium program, which was hailed by the National Association of REALTORS® as a “significant step” in eliminating barriers to safe, affordable mortgage credit for condos.
Source: “New Housing Law Offers Homeownership Opportunities for Welfare Recipients,” National Mortgage News (Aug. 2, 2016)
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