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What are monthly homeownership expenses?

expenses homeownership
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What are monthly homeownership expenses?

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Monthly homeownership expenses include: 1. Mortgage principal and interest, 2. Mortgage insurance premium, 3. Real estate taxes and homeowner insurance, 4. PHA allowance for utilities, 5. PHA allowance for routine maintenance costs, 6. PHA allowance for major repairs and replacements, 7. Principal and interest on debt to finance major repairs and replacements for the home, and 8. Principal and interest on debt to finance costs to make the home accessible for a family member with disabilities if the PHA determines it is needed as a reasonable accommodation. How much financial assistance can PHAs provide in each voucher? The PHA uses its normal voucher program payment standard schedule to determine the amount of subsidy. The housing assistance payment (HAP) is the lesser of either the payment standard minus the total tenant payment or the family’s monthly homeownership expenses minus the total tenant payment. The PHA may make the HAP payment directly to the family or to the lender. What

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