The new rule is effective October 12, 2000. There is much to celebrate in this new rule. The use of Section 8 vouchers for homeownership will give many Americans who have low incomes the opportunity to purchase their own homes. In addition, the use of Section 8 vouchers for homeownership will provide many new opportunities for people to contribute to their local economy. Homeownership will allow individuals and families to obtain loans from their local banks, hire members of their communities to perform maintenance and repair work on their homes, and pay property taxes that contribute to the purchase of local services enjoyed by community members.
Homeowners express a feeling of greater safety, security, and belonging in their communities.
HUD anticipates that mortgage lenders will consider the Section 8 assistance when underwriting a loan. The employment requirement does not apply to an elderly family or a disabled family. Furthermore, if a family, other than an elderly family or a disabled family, includes a person with disabilities, the PHA must grant an exemption from the employment requirement if the PHA determines that an exemption is needed as a reasonable accommodation so that the program is readily accessible to and usable by persons with disabilities. The PHA must count welfare assistance of an elderly or disabled family in determining whether the family meets the minimum income requirement for homeownership assistance. It is possible to switch from Section 8 homeownership voucher assistance to rental voucher assistance, and vice-versa, after a mortgage default and at other times.