Housing Choice Voucher Homeownership Program   

The Intent of the Holyoke Housing Authority's Housing Choice Voucher Homeownership Program is to provide families of low-income, disabled families and elderly families who are eligible for Section 8 rental assistance the option of utilizing this assistance in purchasing a home.

The implementation of this option will provide eligible voucher holders the ability to expand their housing opportunities beyond the rental market and use their assistance to purchase homes in the city of Holyoke.

The Program provides the potential homebuyer with assistance with the repayment of a mortgage loan for maximum period of 15 years. There is no term limitation in providing assistance for disabled or elderly families that are eligible for and participate in the program. Participation in the program is strictly voluntary. All participating families must meet the HUD established requirements for admission and participation in the Housing Choice Voucher Rental Program prior to exercising the homeownership option.

The homeownership option is limited to one percent (1%) of the total Section 8 voucher program administered by HHA in any fiscal year, provided that disabled families shall not be subject to the 1% limit. If applications exceed such 1% limit, participants in the Family Self Sufficiency ("FSS") program shall receive a priority for participation in the homeownership program.

Eligible applicants for the Section 8 homeownership program must have completed an initial Section 8 lease term and may not owe HHA or any other Housing Authority an outstanding debt. Families who wish to exercise the homeownership option must meet all regulatory and discretionary program requirements.

Borrower's Assistance Program

The Borrower's Assistance Program (BAP) is a program administered by the Holyoke Housing Authority with HOME funds from the city of Holyoke. Under this program, income eligible first-time homebuyers can borrow up to $4,999 for the downpayment and/or closing cost expenses. The loan is at 0% and if the borrower remains in the home for more than five years the loan is forgiven.

To be eligible for assistance the borrower must:

• Be income eligible-not make more than 80% of the area median income. Be a first-time homebuyer-have not owned a home within the past three years.
• Be purchasing a single or two-family home in the city of Holyoke
• Have completed an approved first-time homebuyer education workshop series
• Be in need of BAP assistance in order to purchase a home

The home that is being purchased must:

• Meet a housing quality standards inspection
• Must be purchased at or below the maximum home program sales price 

BAP funds may be used for the following expenses as long as these costs are not to be forgiven or to be paid for by the lender, seller or any other government program:

• Downpayment
• Recording fees
• Bank application
• Appraisal
• Loan origination fee
• Loan discount fee
• Buyer's attorney fees
• Plot plan and/or survey costs
• Credit report fee
• Municipal Lien Certificate

Homeownership Education Workshop Series

To Prepare City residents for home ownership the Authority is pleased to be able  to provide, through the Community Development Block Grant program, first-time homebuyer educational workshop courses to low-moderate income households who are purchasing their first homes in the City of Holyoke.

The purpose of the Holyoke Housing Authority's homebuyer counseling program is to educate and counsel prospective homebuyers to make informed, voluntary decisions regarding the homebuying process. The series covers such topics as: finding the right mortgage product,  working with a Realtor, fair housing, home inspection, budgeting and if purchasing a home is the right option.

The three part educational series offered by the authority has earned the Massachusetts Homeownership Collaborative "Collaborative Seal of Approval". The Massachusetts Homeownership Collaborative, a collaboration of non-profit homebuyer counseling agencies, lenders, real estate professionals, government officials and other key players in the homeownership industry in Massachusetts, was formed to recognized Massachusetts homebuyer counseling agencies that meet or exceed a minimum standard in providing effective pre-purchase, group homebuyer counseling and education to low and moderate income, first-time homebuyers.      

(Libby Hernandez)