Eligible BHA residents and participants can use their rental subsidy (HAP) towards a mortgage.
The homeownership Housing Assistance Payment will equal the lower of:
- The Payment Standard minus the Total Tenant Payment; OR
- The monthly homeownership expenses minus the Total Tenant Payment.
Please note final HAP is determined by updated income and property expenses at the time of purchase. If the total gross monthly homeownership expenses is less than the payment standard then final HAP will be determined by using the total gross homeownership expenses minus total tenant payment. This could result in HAP being less than what was estimated in HAP #1 used in the mortgage pre-approval stage.