The Waterloo Housing Authority administers a down payment assistance program. In an effort to increase homeownership opportunities for non-traditional first time home buyers.

Program Summary
The Waterloo Housing Authority Partnered to reach non-traditional first time homebuyers. Targeted particularly are those low to moderate income households under represented and least likely to apply, to enable them to enjoy the benefits of homeownership within the jurisdiction of the Housing Authority.

A forgivable 2nd mortgage in the amount of the grant is required of each homebuyer in the purchase of the house and any recaptured amounts will be used to replenish the loan fund if the homebuyer decides to sell in less than 5 years.

Eligibility Requirements

• An applicant must have successfully completed Home Buyer Training provided by Operation Threshold.
• An applicant must be a current resident of Waterloo for at least one (1) year.
• An applicant must be a first time homebuyer defined as neither party (spouse) having ownership in a home or title to a mortgage within the within the last 36 months.
• An applicant may not own other residential property.
• If possible, homebuyer should cover closing costs from their own funds.
• Total family income cannot exceed 80% of median income for the MSA based on family size.

The Waterloo Housing Authority Offers a Home Ownership Voucher Program.

Overview
The Section 8 Home Ownership Program permits eligible participants in the Section 8 Housing Choice Voucher Program, including participants with portable vouchers, the option of purchasing a home with their Section 8 assistance rather than renting. The home ownership option is limited to three percent (3%) of the total Section 8 voucher program budgeted by WHA in any fiscal year, excluding disabled and elderly families.

The program is available to current participants who have completed an initial Section 8 lease term consisting of 12 months, do not owe monies to the City of Waterloo Housing Authority or any other Housing Authority for any outstanding debts, and who meet the eligibility criteria set forth below. Additionally, participants who are in violation of their family obligations while receiving Section 8 assistance shall be ineligible for participation in the Section 8 Home Ownership Program.

The focus will be in the City of Waterloo. The Section 8 Home Ownership Voucher Program permits eligible participants in the Section 8 Housing Choice Voucher Program, including participants with portable vouchers, the option of purchasing a home with their Section 8 assistance rather than renting. The home ownership option is limited to three percent (3%) of the total Section 8 voucher program budgeted by WHA in any fiscal year, excluding disabled and elderly families.