Overview
The Homeownership Program is offered
to eligible Oakland Housing Authority (OHA) residents and allows participants
to have their housing subsidy applied towards a monthly mortgage payment, after
a home is purchased. Residents who wish
to join the program must meet minimum program requirements and when deemed
eligible they are required to attend a homeownership orientation and education
course in order to prepare for homeownership. Participants select homes for
purchase and secure their own mortgage financing through a lender.
Program Status
- Residents who are already on the Interest List will be notified based on program availability. Residents who are interested in being added to future Interest Lists should email their contact information to OHA at: Homeownership@oakha.org.
Similarities between renting with
OHA and Homeownership
- Residents contribute 30-40% of their
income towards either their monthly rent or a mortgage.
- OHA has a Payment Standard amount
for mortgages based on family size. This
is similar to the Payment Standard for renting an apartment.
Minimum Program Requirements
- Must be a resident in “good
standing” with no lease violations or outstanding rent payments and may not have owed a debt to the Oakland Housing Authority within the past five years.
- Must be a first-time homebuyer
- Must be working full time,
consistently for one year. (Full-time = 30 hours/week.)
- The minimum gross annual income for the family should
be equal to the City of Oakland minimum wage multiplied by 2000 hours, based on
the income of adult family members who will own the home. (For example, a
family must earn $31,940 based on the City of Oakland current minimum wage of
$15.97 as of 1/1/2023.)
- For disabled families, the minimum income requirement
is equal to the current SSI monthly payment for an individual living alone,
multiplied by 12. (For example, $914 X 12= $10,968 as of 1/1/2023.)
- Credit scores of 640 or above for
mortgage applicants
- OHA requires that the participating family contribute
their own resources towards the transaction. Disabled and elderly families must
contribute a minimum of 1% of the purchase price. Non-elderly or non-disabled
families must contribute a minimum of 3.5% of the purchase price.
Eligible Homes
- Must be located within Oakland
- Must be owner occupied
- Must pass Housing Quality Standards
(HQS)
- Eligible homes are a Single Family Residence,
Condominium, Townhouse, Mobile Home or Land trust.
Duration of Mortgage Subsidy
- 15 years if the mortgage has a term
for 20 years or longer
- There is an exception to this timeframe for families that qualify as elderly or disabled according to HUD guidelines.