Transcript A Home of Your Own Buying or Renting Options

A Home of Your Own
Montana Toolkit for Self-Determination
Sponsored by The Montana Council on
Developmental Disabilities
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
• HomeChoice
• 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
• HomeChoice
• 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
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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