Section 8 housing is a government program that is designed to find housing for low-income families. The landlord would rent out the property like any other property, but only part of the rent comes from the tenant. The majority of the rent comes from the government, which makes section 8 housing a stable investment. The program is designed to help families combat the constantly rising rents found throughout the country. If you are a landlord who wants to become part of the section 8 program, then there are some steps you will need to follow.
Why Section 8 Housing?
Section 8 properties tend to rent faster, which means you will always have tenants paying the rent. The vast majority of tenants in the section 8 program are either hard-working people trying to care for their families, or people who are elderly or disabled and looking for a good place to live.
Filling Out The Application
Any property can be rented out as a section 8 property provided the landlord fills out the proper paperwork and gets their property approved. As part of the review process, the government will look over the rental rates you charge for your property and compare them to similar properties in your area. If your rates are seen to be higher than the median for your area, then the government may ask you to lower your rent to become part of the program.
Property Inspection
Since the government is paying part of the rent for a section 8 house, that makes the government liable for any problems with the property. To make sure your property is up to building codes, the government will send out an inspector to look your property over. Along with the local building codes, the inspector will have a government checklist to go through as well that includes working locks on every door and window and other details. The inspection will take some time, and your property may need to be inspected more than once if you do not meet the government’s criteria.
Becoming Approved
After the inspection is over, the government will consider your property for the section 8 program. If your property is approved, you will receive notice in the mail that you can begin accepting section 8 vouchers. Once you have received your approval, you can start looking for tenants. You will only be allowed to rent to tenants who have already been screened by the government and qualify for the section 8 program.
Getting Your Money
Each month, the government will send you a check in the mail for a portion of the rent. The remainder of your rent would be collected from your tenant.
When you are part of the section 8 program, the government does much of the marketing for you. After you are approved, your property will show up on the government’s section 8 website and you will start getting calls from pre-qualified tenants. As long as your tenants are on time with their portion of the rent, you will always have a steady stream of income coming into your business.
Jim Treebold is a North Carolina based writer. He lives by the mantra of “Learn 1 new thing each day”! Jim loves to write, read, pedal around on his electric bike and dream of big things. Drop him a line if you like his writing, he loves hearing from his readers!