Renting out your home to families that are eligible for financial assistance through the Housing Urban Development (HUD), Department of the US government is a great idea. Section 8 benefits are only available to properties that meet certain standards regarding quality and rent charges.
Let's look at some of the important provisions in section 8. The US federal government will pay a portion of the rent to these families, as per section 8. The landlord must meet two conditions regarding the quality and rent of the rental property in order to qualify his property as a Section-8 rental property. To get more details about Section 8 Housing Washington County, you may see it here.
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Let's take a look at each one.
Quality: You must ensure that your rental property meets a minimum standard of quality.
Rental Value: The fair market rate is calculated by the HUD once a year and is used for determining the maximum amount of subsidy that is available to low-income families.
A family must meet certain criteria to be eligible under section 8 Housing assistance. The family must be citizens of the United States and meet certain eligibility criteria. This means that the family's income must be less than half of the area's median income.
A Section 8 voucher is given to a family. It is up to the family's responsibility to rent a property. Section 8 rental properties offer many advantages to landlords.