Some 3 million households in the U.S. take advantage of Section 8 vouchers to get into affordable housing. 43% of households in Section 8 housing are families with children, and 43% of households in Section 8 housing have at least one disabled family member.
The need for affordable housing for low-income families is huge. The demand for Section 8 housing is often great, resulting in long wait lists.
As a landlord, you might be considering applying to become a Section 8 landlord. What's required, and what are the benefits of applying to be a Section 8 landlord?
Read on to learn more.
What Is Section 8 Housing?
Section 8 housing is a program through the U.S. Department of Housing and Urban Development (HUD) and local New York Public Housing Authorities (PHA). The program aims to help very low-income families, the elderly, and the disabled find more affordable housing.
The program aims to assist those in need with vouchers they can use towards rent in Section 8-approved properties. The program doesn't dictate where the tenant uses the vouchers.
It's the responsibility of the tenant, once approved, to find Section 8 housing which could be an apartment, townhouse, or even single-family home.
Since the U.S. government subsidizes the rental, the landlord is paid a subsidy towards the total rent on behalf of the renter once the tenant is approved and moves in. The tenant is also responsible for paying a portion of the rent out of pocket monthly towards the rent.
How to Become a Landlord for Section 8
Like in most populated, high-rent areas across the country, Section 8 in New York is in high demand. Tenants approved with vouchers often wait on long wait lists to get into a Section 8 property.
If you're interested in becoming a Section 8 landlord, the first step is to contact your local PHA. While the federal government has some requirements, they can also vary based on the local PHA too.
The PHA will provide you with an application. It will ask for basic contact information for the property's owner and landlord.
The application will also require you to provide some specific information about the property. This might include the size of the property and things like how many bedrooms the property has available.
The PHA will want to know your current rental rates and will compare those with other properties in the area.
You will also be required to participate in the property's health and safety inspection. The inspection will expect you to show the property is sound, including the following:
- Working locks on doors and windows
- Structurally sound
- Wiring and plumbing must work safely
- Heating or cooling appliances in working order
There may be some additional requirements for a property. This might include the need for safety features like handrails and safety ramps. The local PHA can provide information about specific property requirements.
Landlord Section 8 Housing in New York
Section 8 housing can offer some real benefits for a landlord. The properties are almost never vacant, and you'll regularly receive a government rent subsidy.
If you own rental property and are considering property management services, we can help. Contact us today to learn more about how we can help you manage your property in New York.