Thousands of Families Use HUD Housing Vouchers to Buy Homes
HUD .
More than 5,000 low to moderate-income families have become homeowners thanks to an innovative voucher homeownership program instituted by the U.S. Department of Housing and Urban Development (HUD).
HUD Secretary Alphonso Jackson announced the study findings at City Hall with Mayor Richard Daley and Chicago Housing Authority Executive Director Terry Peterson.
The study shows that the Chicago Housing Authority, under its subsidiary CHAC, Inc., is leading the way in helping low-income families become first-time homeowners using the Housing Choice Voucher Homeownership (HCVH) Program.
CHAC, Inc. is among more than 506 public housing authorities (PHAs) that are participating in the HCVH program since it began in 1999 as a pilot at just a dozen PHAs.
HUD's Office of Policy Development and Research (PD&R) commissioned the VHO Study to evaluate the effectiveness of the HCVH Program from September 2004 to March 2006, and reports rapid growth in the program.
In most programs, VHO purchasers have access to additional funding sources to help them buy homes.
VHO purchasers were primarily female heads of household (61 percent) with children (74 percent) were members of minority groups (58 percent).
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS.
