To reduce poverty rates and improve the quality of life of impoverished citizens, the government came up with a housing scheme outside of the public housing system. This housing scheme aims to target low-income, elderly, and disabled tenants to have access to decent and private properties. Section 8 works by having the government shoulder some of the rent expenses by Section 8 tenants.
People who are into real estate investing might rent to Section 8 tenants, as this means increasing their market choices. But, landowners who have Section 8 tenants also have more responsibilities to adhere to. Below are some of the important ones.
Application and approval
Application to house Section 8 tenants is to be done by the landlord. Application procedures and requirements should duly be prepared by the landlord.
Pass housing standards
Like other property rental businesses, landlords — regardless of which tenants they cater to — are required to adhere to the housing standards given by the government. One should be able to pass the Housing Quality Inspection in order to be allowed to have Section 8 tenants.
Screening which tenants is the responsibility of the landlord. The same criteria with that of non-assisted tenants should be used in screening assisted ones.
Collect deposit and rents
Security deposit should be provided by the tenant. Partial monthly fees that are shouldered by the tenant should be collected from the tenant and not from the Section 8 office.
Adhere to the agreement
Both parties should adhere to the policies agreed upon in the contract. Any breach should legally be taken action upon.
Although there are some additional responsibilities in renting a space for Section 8 tenants, landlords still choose to do so because it’s a way of renting their place out. You might also want to give it a try.