Northwest Regional Housing Authority
114 Sisco Ave
PO Box 2568
Harrison, AR 72602
Main Office
Annex Office
Monday - Friday 8AM - 4PM
Main Office
Annex Office

Home Ownership Program

The Housing Choice Voucher (HCV) Home Ownership 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.

Yes, it is called the Homeownership Voucher Program.
Yes, if you meet income and other eligibility requirements.
You have to apply for a housing choice voucher at the Northwest Regional Housing Authority: 114 Sisco Ave Harrison Ar. 72602. You may request an application at 870-741-5522. You must be on rental assistance for one year before you are eligible for Home Ownership assistance.
No. There is no preference based on the fact that you desire to use your voucher for homeownership. Vouchers are issued on a first come first basis. You must be on rental assistance for one year before you are eligible for Home Ownership assistance.
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.
Families must meet these requirements: 
  • First-time homeowner or cooperative member.
  • No family member has owned or had an ownership interest in their residence for at least three years.
  • Except for cooperative members, no member of the family has any ownership interest in any residential property.
  • Minimum income requirements: Before the family begins receiving homeownership assistance the adult family members of a non-elderly or non-disabled family who will own the home must meet collectively a minimum non-welfare annual income requirement that is not less than the Federal minimum hourly wage multiplied by 2,000 hours. For an elderly/disabled family, the adult family members who will own the home must have an annual income that is not less than the monthly minimum Federal Supplemental Security Income Benefits for an individual living alone multiplied by 12.
  • Employment requirement. Except in the case of elderly and disabled families, one or more adults in the family who will own the home is currently employed on a full-time basis, and has been continuously employed on a full-time basis for at least one year before the commencement of homeownership assistance.
  • Additional PHA eligibility requirements: Be on housing assistance for one year, have good credit, or be willing to repair credit in order to qualify for a home loan, establish savings account for repairs after homeownership starts, have 3% of the purchase price of the home as a down payment.
  • Homeownership counseling. The family must attend and satisfactorily complete the PHA's Pre-Assistance Homeownership and Housing Counseling Programs.

Monthly homeownership expenses include:
  • Mortgage principal and interest
  • Mortgage insurance premium
  • Real estate taxes and homeowner insurance
  • PHA allowance for utilities
  • PHA allowance for routine maintenance costs 
  • PHA allowance for major repairs and replacements 
  • Principal and interest on debt to finance major repairs and replacements for the home
  • Principal and interest on debt to finance costs to make the home accessible for a family member with disabilities if the PHA determines it is needed as a reasonable accommodatio.

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 lender.
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.
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.
No. Families that are eligible for homeownership assistance may purchase a home outside the initial jurisdiction if the PHA in the new jurisdiction administers the homeownership 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.

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 the purchase of the home has a term that is 20 years or longer - and for all other cases - the maximum term of homeownership assistance is 10 years.
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We provide housing without discrimination on the basis of race, color, religion, sex, physical or mental handicap, familial status, national origin, or other protected class. To file a complaint of discrimination, write USDA Director, Office of Civil Rights, Room 326W, Whitten Building, 1400 Independence Ave. SW, Washington, D.C. 20250-9410 or call Customer Service at 202-260-1026 (Voice), 1-866-632-9992 (Toll Free), 1-800-877-8339 and 1-866-337-8642 (TDD or Local Relay and Federal Relay Service). USDA is an equal opportunity provider and employer. In accordance with federal law and United States Department of Agriculture (USDA) policy, this institution is prohibited from discriminating on the basis of race, color, national origin, age, disability, sex or familial status. To file a complaint of discrimination, write USDA, Director, Office of Civil Rights, 1400 Independence Avenue SW, Washington, D.C. 20250-9410, or call (800) 795-3272 (voice) or (202) 720-6382 (TDD).
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