The Housing Choice Voucher Program (HCVP) provides rent vouchers for housing in the private market for low income individuals, families, the elderly and the disabled. It is the largest assisted housing program administered by HUD.
How to Apply?
Apply at your local PHA
. They will collect information on family income (tax returns, bank statements, Social Security, etc.) assets, and family composition. Medical expenses, health insurance payments, prescriptions and future medical expenses are taken into consideration.
Once you apply, you are placed on a waiting list. Because of the demand, waiting lists are often several years long. Ask that your application to be pre-qualified for income—that way you know ahead of time if you qualify. And ask about local preferences (e.g. you are involuntarily displaced, paying more than 50% rent, etc.).
About the Program
There are two kinds of vouchers: tenant-based and project-based.
Tenant-based vouchers (TBVs) move with the renter. Project-based vouchers (PBVs) are assigned to particular units and buildings and are not transferable.
Who is Eligible?
There is no age requirement. Families or individuals who meet the extremely low-income requirements (30% of the area's median), and very-low-income (50% of area median) based on total gross income. In some cases, those with low income (80% of area median) are eligible.
Income such as pensions, retirement accounts, IRAs, insurance annuities, and assets such as real estate, cars, etc. ARE counted when assessing eligibility.
Depending on your location, housing options can include single-family homes, townhouses and even apartments. Individuals can pick anywhere they want to live as long as the owner agrees to rent using the program's guidelines.
Rental amount is calculated by using the greatest of:
- 30% of monthly adjusted income
- 10% of monthly income
- The welfare rent in as-paid states
- Or the PHA minimum rent ($25 or up to $50).
PHAs pay the property owner directly and the residents pay the difference to the property owner.