Also known under the Housing Choice Voucher Program, Section 8 is a form of housing assistance offered by the government to families with low incomes. This program Section 8 house in Rensselaer County Ny was developed by the U.S Department of Housing and Urban Development (HUD) established the voucher program.
Image Source: Google
The vouchers are then handled by Public Housing Agencies. Individuals and families who qualify for assistance are provided vouchers to help them identify and select a suitable housing unit.
Landlords that want to make their property eligible for section 8 should follow the following:
1. Properties that are available for rental must be priced at the Fair Market Rent. That means you cannot determine your own rent since it is determined by the Fair Market Rent in your area determined by HUD.
2. Landowners must contact Public Housing Agencies and inform them of their intention to open the property for Section 8 eligible tenants.
3. The property must also be in compliance with the HUD standards for health and safety. They also have an essential Housing Quality Standard.
Landlords who are eligible for section 8
There are a variety of reasons landlords should be involved in this type of program. The first is that 70 percent of rental income is covered by the federal government.
Additionally, you can assist and earn money in the process. Thirdly it is a great method to find tenants, particularly in a slowing real-estate market.