Section 8 is an assistance program provided to low income families & individuals by United States Department of Housing & Urban Development which is known as HUD. This assistance program helps the people of low income group to find either an apartment or a house for themselves. The income level required to qualify for section 8 apartments varies from one state to another & is generally indexed to median income of that particular area. Basically, your income should be below 50% of the income for that area you want a rental apartment. Though locally some state organizations manage these apartments by designating certain apartment rentals as section 8 apartments but if we see on a wider aspect then Section 8 is controlled by Federal government & regulated by HUD.
The unique aspect about Section 8 apartments are you pay only that much rental amount which you can afford & the remaining amount is disbursed by the federal government. For example, if your income is $ 2000 a month, then depending on the state you are living you just have to pay some percentage of your income for your rent say you have to pay 25-35% of your monthly income for the apartment & rest will be paid off by government.
What you have to do if you are eligible for a Section8 apartment? If you qualify for such an apartment simply contact the local housing agency & find out if there are any units available or of there is a long waiting list. But, if the apartment that you are presently living in has a low rent, HUD may step in to pay the required amount for it. Yet, you have to do some paperwork & wait for HUDs approval. So, in either case there is a long waiting period. Therefore, if you want to enjoy the benefits of this program, act early so that you can get an affordable apartment early.
Getting into the section 8 apartments system is a boon both for landlords & tenants. We have already known the positive aspect for tenants now lets us understand how it is a boon for landlords.
1.Timely payment of rent.
3.Low vacancy rates as there is always a continuous flow of tenants.
4.Landlords generally get good tenants due to the long waiting period during which a proper inspection is done.
5.Landlords get their rental money based on fair market rates.
There are some aspects in this program which the landlord may not like & they are:
1.Government on a regular basis will inspect the Section 8apartments.
2.Government will only allow charges what it deems to be the fair market value for that apartment.
3.There are legalities involved in the eviction of a section 8 tenant.
Still the pros of section 8 apartments supersede the cons & if you want to be a part of this program then act early & enjoy its benefits.
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