Section 8, also known as the housing choice voucher program, is a program that every Realtor should know about and every property manager/owner should accept. It means guaranteed rent on TIME! Each member on the program needs to have a background check each year and must abide by the governing laws, or they will risk their voucher. NO ONE on the program wants to lose having their rent paid on their behalf ( on time and in some cases, paid in full), so often times, they are good tenants.
To follow up on Beth's comment, you will either get a check from the local government OR you'll get both a check from the local government AND the tenant. It all depends on the level of need of the tenant. Some need lots of assistance while others just need a helping hand to 'get them over the hump'.
Keller Williams Realty Professionals
This is the surest way to get your money on time. The local goverment will pay you direct to your Bank acc on the 1st day of the month. Be sure to get your deposit and the first and last months money is paid by LG. If you are dealing with a Realtor on this and they don't know about Section 8 then get another.
You and the prospective Tennant have to get the Section 8 pack of Forms from the local office you are going to deal with. They will tell you if its not an area they cover. They will arrange a date for an inspection within 14days of the property concerned at the time of submission of the signed and Noterized forms. Just follow the Instructions. The local Office will also carry out inspections of the house throughout the Year and hope you will renew. A great deal providing the Tennant abides by the Rules. If th full asking Price of Rent is not met by the LG then its upto the Tennant to provide the rest. Regards David McChesney.CDPE. CIPS. REO Keyes. 954 8065006.
Section 8 is government subsidized housing, the recipient gets a certain amount monthly for housing from the goverment.
I actually am not sure it the tenant pays you or if they can instruct the check to go directly to you....
I am sure someone her on Trulia can answer that for you.