It’s well-known that housing prices in some metros are through the roof. Houses move fast, bidding wars take place, and many eager homeowners-to-be are squeezed out. In most places, the need for affordable housing outstrips the supply, and even those who mind their financial manners find homeownership out of reach. Since, 2000, though, the U.S. Department of Housing and Urban Development (HUD) has been trying to chip away at the problem of qualified, diligent buyers not gaining entry into the housing market. HUD’s Homeownership Voucher Program exists to give a hand-up, not a handout, to eager buyers. Local housing authorities administer the program in their coverage area, and they choose how many of the vouchers they are willing to fund. The program is widely available across the...
- Government vouchers for rentals can be used for homebuyers, too.
- In areas where housing is in short supply, vouchers and the education programs that surround them can help qualified buyers make the leap into homeownership.
- HUD programs have been around for many years, and support renters and buyers with tools.