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The program allows you to use the Section 8 voucher, but instead of using the funds toward rent, you use it to help pay your mortgage. Additional requirements to participate are: Attend a Section 8 Homeownership information session (normally held once a year).
Who can Qualify for Section 8? To apply for Louisiana Section 8 your household income must not exceed low-income limits. For a family of one in Louisiana the low-income limit for an annual income is $32,700. A household of four cannot exceed $46,700.
The Housing Choice Voucher (HCV) homeownership program allows families that are assisted under the HCV program to use their voucher to buy a home and receive monthly assistance in meeting homeownership expenses.
By law, whenever a family moves to a new unit where the rent exceeds the payment standard, the family may not pay more than 40 percent of its adjusted monthly income for rent. The PHA calculates the maximum amount of housing assistance allowable.
Income and Employment Verification The applicant has stable employment. The applicant can provide paystubs, a job offer letter, or other documentation to prove their employment. (for Section 8 tenants) The applicant has received a Section 8 housing voucher and has sufficient income to cover the remaining rental amount.
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