A Home of Your Own 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, and Consortium for Citizens with Disabilities Housing Taskforce, housing.htm

A Home of Your Own 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 persons 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) HUD Housing Voucher Program cv/index.cfm