Housing Authority Section 8 Program
Housing Authority Section 8 Program is known to be designed for the benefit of low-income families to rent and have a comfortable home. Yet, this program basically serves two masters at the same time: the tenants and the landlords.
There are many low-income families who surely want to live in comfortable nice homes but because of their status in life, their wish for this comfort is almost unreachable.
The US government, in its goal to help this low-income families have a decent home to live in, has created a program called Housing Authority Section 8 Program. Though this program is basically designed for the tenants, this too has its benefits given to the landlords just the same.
To have a good perspective of Housing Authority Section 8 Program, below are its characteristics wherein both tenants and landlords can participate and benefit from it.
Benefits and Requirement for Tenants in Housing Authority Section 8 Program
The simplest explanation this program can be described for the benefit of the tenants is that these families only have to shell out 30% of their monthly income to pay for the rent of their houses. The rest is being paid by the government, which in short means being subsidized.
There are only several requirements for these tenants to avail of this program and this are:
- They should be first time home buyers
- They have not acquired any property for the last 3 years
- No member of the family own other residential properties
- Should have minimum income requirement (exempted to this rule are those with families and disabled)
- Individuals should have stable and regular employment (exempted are disabled people)
- Should have complied with other Public Housing Agency
- Should have completed a housing counseling program.
Benefits to Landlords of Housing Authority Section 8 Program
Though the Housing Authority Section 8 Program is designed to serve and benefit the tenants, this program also can benefit the landlords in many ways far from their expectation. One of these benefits is the steady flow of tenants in their rental place because the program makes it possible for low-income level people to acquire and rent houses. Another benefit for the landlord is the opportunity that they can charge rent based on the worth of their property considerable with its location, quality and amenities present in the property. Another benefit of Housing Authority Section 8 Program for landlords is the prompt payment being done by the government. The payment is usually done on the first ten days of the month.
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