Do you have an available property for rent? Has it been sitting long enough in the market that its vacancy rate is now high? Moreover, do you want to do good at the same time earn money? Here is your option: Section 8.
Understanding Section 8
Section 8 is one of the longest running housing programs in the United States. The early form of such program was way back the times of the Great Depression. It started out as U.S Housing Act. Then it was amended twice until it was restructured to become the Section 8 program of today.
Section 8 is also known as the Housing Choice Voucher Program. It is a government assisted housing program which aims to assist low-income individuals, elderly and the handicapped with their housing needs.
Qualified individuals will be issued a voucher that they would use in obtaining the property they want. However, property selected should then be qualified by the housing agency before any financial assistance would be granted.
This program is designed to be movable. This means they can still enjoy the benefits of section 8 if they want to transfer to another property.
How landlords qualify?
Many property owners want to engage in section 8 program for the following reasons:
- to lower vacancy rate
- to be assured of monthly income
- to do good deed at the same time to earn income.
Qualifying for section 8 should be easy to do. But first you need to have a property that meets the minimum housing standards set by the housing agency. To ascertain the condition of the home, your property will undergo an inspection. Therefore, it is important to at keep your homes in good condition before making it available to section 8 tenants. Doing this minimizes delays or rejection from the agency.
Another thing, the property should have a rental price of based on the Fair Market Rent (FMR). This value is the payment standard that the government will subsidize. The Department of Housing and Urban Development performs annual estimation of the the FMR and publishes them and make available for use.
After the property is qualified and set for sale, the landlord should also do his part. They should also have the property enlisteed at the local housing agency. This way it will be made available for rent and matched to a qualified applicant. On the other hand, they can make advertisements and indicate that the property is open for section 8 qualified tenants.
Any landlord, who willingly submits the property for this program should also be committed in maintaining the quality of the property. It is part of the agreement that the owner should maintain its livability. Otherwise, the government would decide to assisting the tenant as the house begins to fail in meeting their standards.
They should also be responsible enough to screen their tenants and evaluate them properly without any forms of discrimination. Moreoever, they should make a lease agreement that should be carried-out over the life of the lease.
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Southern California Real Estate Guide and
Southern California Real Estate.
