BOSTON (CBS) – A new home ownership program designed to help those on federal assistance get into the housing market starts this spring in Worcester and it’s expected to go nationwide.
The program, called “Home Ownership through Public Housing Assistance,” allows qualified buyers to use Section 8 housing vouchers to pay for mortgages.
About 150 families came to a meeting last month where representatives for The Neighborhood Assistance Corporation of America (NACA), based in Boston, explained how the program works.
Instead of that Section 8 check going to a landlord every month, the check, plus 30-percent of the qualified buyer’s pay, goes toward a mortgage.
The buyer must be working full-time, show a history of paying bills on time and have some money in savings.
“A portion of what they make goes to the payment and the rest is done by the housing authority,” NACA’s Bruce Marks told WBZ NewsRadio 1030’s Lana Jones.
Terms through this program are very favorable for the potential home buyer.
“No down payment, no closing costs, no fees and a below-market fixed interest rate,” Marks said.
The program is rolling out in Worcester this spring.
Marks expects it to expand quickly, with some to begin closing on houses as early as April.
“It makes it possible for individuals who receive a Section 8 become homeowners and own that house outright in less than 15 years,” Marks said.
For more information, visit the NACA website.
WBZ NewsRadio 1030’s Lana Jones reports