Housing Choice Vouchers FAQs
What are Housing Choice Vouchers?
It is a locally managed housing assistance for low-income families or individuals funded federally. One branch is the "tenant-based" assistance or the Housing Choice Voucher program. It is where the participant gets to choose a qualified rental unit anywhere in the country. Another branch is the project-based housing assistance, where the participant still gets to choose an eligible unit, but it will be limited to those units or properties which are participating in the housing program. If the participant decides to transfer to a different location the housing assistance will stay with the property and benefit the next residents.
Note that this program will not pay for your entire rent or housing costs, rather it will help in paying your rent by covering a certain portion of it, while you as the participant will be required to pay 30% or your earnings towards rent.
To Rent Or To Buy? That Is The Question.
After the housing crisis, "Renting is the new buying." became a kind of mantra. A lot of Americans have stopped believing that a way to build wealth is by owning a house. Reports have found that many homeowners can see themselves becoming renters instead. Furthermore, according to reports, there were considerably fewer first-time homebuyers.
These days? This is still the case. But did you know that people are once again warming up to the idea of being home owners? Well, the younger people that is. Most of them have some savings, and a lot are tired of renting. While those about 5-10 years older still have some residual shock from the housing crisis, the younger generation looks like they are ready to face a new chapter and do their best.