Chicago Housing Authority Leads Nation in Voucher Purchases
Of more than 500 public housing authorities in the U.S. that participate in the Department of Housing and Urban Development (HUD) voucher program, the Chicago Housing Authority (CHA) has helped the highest number of new homeowners, according to a recent study.
HUD recently released the results of the Voucher Homeownership Study, a comprehensive report which includes an overview of voucher programs around the country, as well as in-depth case studies of ten selected local housing agency programs.
The HUD voucher program allows low-income households that receive monthly housing assistance checks to apply those funds toward homeownership.
Other findings of the study include:
- The foreclosure rate for voucher-assisted home purchases is low, at just four percent.
- Over 60 percent of purchases are female heads of household; roughly 75 percent have children, and about half are minorities.
- In most cases, homebuyers have access to other funding sources.
The CHA’s voucher program is administered by CHAC, Inc., a private company that asssumed daily operations of the program in 1995.
In related news, HUD recently approved an innovative bond refinancing deal that is expected to save $70 million for the Chicago Housing Authority. These funds will be used to accelerate housing redevelopment projects in the city.