Millions of Americans live in Section 8 housing, making it one of the most important housing programs in the U.S. That means Section 8 landlords are still in demand, and it looks like that'll continue for years.
But what do you need to know before becoming a Section 8 landlord? How is it different from a traditional landlord?
That's what we're here to look at today. Read on to learn more about becoming a Section 8 landlord.
What Is Section 8?
Section 8 refers to the Housing Choice Voucher Program, a program run by the U.S. Department of Housing and Urban Development. It was authorized by the Housing Act all the way back in 1937.
It's aimed at providing affordable housing to low-income residents. The program seeks to give them a safe and reliable place to live through the use of vouchers.
These Housing Choice vouchers lower the cost of rent for Section 8 residents and are given out by the local public housing authority, or PHA. Most Section 8 residents pay about 30% of their rent, as the PHA takes care of the rest.
Benefits of Becoming a Landlord for Section 8 Housing
It's common for many to think that Section 8 landlords don't have much to gain from these properties since residents only pay for a fraction of the rent. There are, however, plenty of benefits to Section 8 properties.
There's much less to take care of as a Section 8 landlord since Florida PHAs act as a third party. There's also the benefit of guaranteed rent, as Section 8 tenants have an additional obligation to meet payments.
Depending on where you live in Florida, you probably won't have to deal with many vacancies. Section 8 housing is usually in high demand, so there's no need to worry about vacant properties.
There's also the added benefit of additional screenings for each tenant. Your local PHA has standards of its own, and not just anyone can be accepted for Section 8 vouchers. This takes care of a lot of the screening process.
How to Become a Section 8 Landlord
If you're looking to become a Section 8 landlord, the first order of business is contacting your local PHA. They'll provide all the documents and requirements associated with becoming a Section 8 landlord.
You'll be ordered to guide an inspection of your property to see if it meets primary Section 8 requirements. Things like illumination, water, gas, electricity, and sanitation are just some of the things PHAs will inspect.
If everything is in order, you'll have to go through a few different documents to make Section 8 voucher payments possible for your property. After that, you'll work with your PHA to advertise your property as Section 8.
You can also list your property on Section 8 housing sites and gain interest from potential Floridians before applying as a Section 8 landlord. In this case, you'll still have to contact a PHA and the Department of Housing.
Landlord Tips for Section 8 Owners
When it comes to Section 8 housing, landlords should be aware of its intricacies before taking them on as their property. Use this guide to help you understand how to become a Section 8 landlord in your local municipality.
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