Serving North-Central Arkansas. With rental properties found at various locations throughout our service area. Housing Choice Vouchers can be used anywhere in our service area.
Provides housing assistance to families, elderly & disabled individuals through programs like Public Housing, Section 8, Low Income Housing Tax Credits, HOME & Homeownership.
Residents have access to an array of supportive service programs, like counseling and education designed to maximize individual potential.
The Housing Choice Voucher Program (also known as Section 8) is one of the best opportunities for lower income families to obtain decent, safe, and affordable housing.
Housing Choice Voucher (HCV) Program - Rental Assistance
If I wish to purchase my first home but need help meeting the monthly mortgage and other home ownership expenses, is there a program that will help me?
Yes, it is called the Homeownership Voucher Program.
If I am currently a participant in the Housing Choice Voucher program and receive rental assistance can I use my voucher to buy a home and receive monthly assistance in meeting home ownership expenses?
Yes, if you meet income and other eligibility requirements.
If I don't have a rental voucher what do I do?
You have to apply for a housing choice voucher at Northwest Regional Housing Authority, 114 Sisco Ave, Harrison Ar. 72602. You may request an application at 870-741-5522
If I get on a waiting list for a voucher, is there any special preference for me because I want to purchase a home?
No. There is no preference based on the fact that you desire to use your voucher for home ownership. Vouchers are issued on a first come first basis.
Are there any standards for the home to be purchased under this program?
The home must pass an initial housing quality standards inspection conducted by the PHA and an independent home inspection before the PHA may approve the purchase by the family.
What families are eligible to apply for home ownership vouchers?
Families must meet these requirements:
What are monthly home ownership expenses?
Monthly homeownership expenses include:
How much financial assistance can PHAs provide in each voucher?
The PHA uses its normal voucher program payment standard schedule to determine the amount of subsidy. The housing assistance payment (HAP) is the lesser of either the payment standard minus the total tenant payment or the family's monthly homeownership expenses minus the total tenant payment. The PHA will make the HAP payment directly to the to the lender.
What is the total monthly tenant payment?
For purposes of calculating the amount of financial assistance to be provided by the PHA, the monthly tenant payment is generally 30% of the family's adjusted monthly income.
What do I have to pay each month?
You have to pay at least the total tenant payment (approximately 30% of adjusted monthly income). However, if you purchase a home that has monthly expenses higher than those covered by the total of the financial assistance provided by the PHA together with the tenant payment (30% of income), any additional amount will have to be paid by the family. To keep families from purchasing a home that will result in a payment the family cannot afford, the PHA, has set affordability limits for their program.
Do families have to purchase a home in the jurisdiction where the PHA issued the voucher?
No. Families that are eligible for home ownership assistance may purchase a home outside the initial jurisdiction if the PHA in the new jurisdiction administers the home ownership voucher program and receives new families into the program. However, the family may only use the voucher to purchase a unit in an area where the family is income eligible at admission to the program.
How long can a family receive assistance under this program?
There is no time limit for an elderly household or a disabled family. For all other families, there is a mandatory term limit of 15 years if the initial mortgage incurred to finance purchase of the home has a term that is 20 years or longer, and for all other cases the maximum term of home ownership assistance is 10 years.