Among the many programs initiated by the US Government to make housing affordable even to low income families, the Section 8 is one of the most popular and commonly used. It is also known as the Housing Choice Voucher Program. To make it clear, Section 8 means that the tenants will pay the thirty percent of the rent and the government will pay the balance. This section started in the 1930s during the depression and has since then been prominent during the present global financial crisis. Its biggest advantage is that tenants are free to move from one residence to another and could still avail of the benefits of section 8.
Landlords could also take advantage of this section. Here are some advantages a property owner can get from the section 8. Ruling:
1. Since these days rent tend to go lower, it is the government shoulders an assurance that almost seventy percent of the rent, the income is more or less secured.
2. A landlord could charge rent based on the worth of your property with respect to location, quality and amenities that your property possess.
3. Prompt payment is assured in section 8. Payments from the Housing Authority are made within the first ten days of every month.
4. Marketing Service advantage for the homeowner or the landlord. Free apartment rental listing is offered as part of the service of section 8 to any owner interested to participate.
5. Tenant screening advantage. The Housing Authority will perform a criminal background check for possible tenants. It is a known fact that this is very important to a landlord and is necessary in maintaining program integrity. You could also conduct an additional screening such as credit and other background checks.
6. The lease preparation and the paper works will be handled by the Housing Authority. This includes a lease agreement between your tenant and you and a contract between you and the Housing Authority. You could also choose to use your own lease.
7. Since your property will be listed accordingly, you are guaranteed of low vacancy rates, since properties included in section 8 are given priority.
8. A landlord can take advantage of the annual inspection by the HPD at no expense. This is done to ensure maximum upkeep of rental properties.
There are a few criteria to be met if you wish to your property to qualify. To get your property to qualify for section 8, it must fall under the fair market rent category, meaning that you should not charge rents more than what the government considers as a fair rent for the locality.
Your property should also pass inspection conducted by a housing inspector. After you meet all the criteria, you can contact your local housing authority to inform them of your willingness to put your house as a section 8 property. However, you must exercise patience since the process could take awhile and it might take longer for you to rent your property to tenants.