A Home of Your Own Buying Or Renting

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A Home of Your Own Buying Or Renting Your Own Home: Some Options

A Home of Your Own • Places to start: • Your local housing authority • Local or statewide disability homeownership groups • HUD housing counseling • Local independent living centers

A Home of Your Own • Home. Choice • Available through homeownership coalitions for people with disabilities • Mortgages require 3% down payment, have higher debt to income ratio (you do not need to earn a lot of money to buy a house)

A Home of Your Own • Home. Choice • Accept non-traditional credit histories (little to no credit prior to application) • Recognize non-traditional sources of income and support, including public disability benefits • The loan limit for a 15 - or 30 -year fixed rate mortgage is $275, 000

A Home of Your Own • The Section 8 Housing Voucher • For low income people for renting or buying a home • The qualified yearly income for a person with a disability is 12 times the SSI check amount (2010 $674/mo x 12 mo = $8, 088) • Employment is not required

A Home of Your Own • Individual Development Accounts (IDAs) • Savings accounts for people with disabilities where, when they deposit money into the IDA account, get from 3%7% “matched” by another organization • IDAs do not count toward the SSI resource limits • May require “Pre purchase counseling” or financial education training

A Home of Your Own • Social Security/SSI considerations • A person receiving SSI and Medicaid can own a home and not have the value of the home count as part of their resource limits ($2, 000 for a single person, $3, 000 for a couple), if they live in the home.

A Home of Your Own • Information used for this presentation from the World Institute on Disability, Dede Leydorf, 510 -251 -4340 and • Consortium for Citizens with Disabilities Housing Taskforce, 202 -783 -2229 www. c-c-d. org/task_forces/housing/tfhousing. htm

A Home of Your Own • • Renting your home Person-centered resources HUD Section 8 Housing Vouchers Subsidized apartments

A Home of Your Own • In developing a person-centered residential plan for a person, many support resources will be identified, both paid and unpaid • During this process, a living situation may be identified such as an apartment attached to a private home whose owner is acquainted with the person, and supports his community integration goals

A Home of Your Own • HUD Section 8 housing vouchers • Allow you to find your own housing, single family homes, townhouses or apartments • Owner agrees to rent under the program • Rental units must meet minimum standards of health and safety • Person pays the difference between the typical rental value and the subsidy • Rent equals 30% of the person’s adjusted income

A Home of Your Own • Low income apartment complexes • HUD helps apartment owners offer reduced rents to low-income tenants • Find apartment complexes through the local public housing assistance provider

A Home of Your Own • For more information about renting a home: • National Council of State Housing Agencies (Specific state information) • http: //www. ncsha. org/section. cfm/4/39/187 • HUD Housing Voucher Program • http: //www. hud. gov/offices/pih/programs/h cv/index. cfm

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