housing
 

  Home | Search for Rentals | Place an Ad |



4 Steps For Landlords To Participate In Section 8 Housing Program

Renting a home is a difficult task for landlords because they have to find suitable tenants who come with a string of mischievous probabilities. If you want to become a section 8 housing landlord, you can rent your home to section 8 renters and collect a major portion of your rent directly from the HUD office. This guaranteed rental income and protection offered by HUD offices motivate landlords to open their homes for low income people.



Normally, landlords have to wait for tenants with section 8 housing voucher to show up in order to participate in the renterís assistance program. However, landlords can also be proactive and you can contact the HUD office and submit your willingness to offer section 8 housing so that the HUD office will run your house available for rent ad for free. You will get more potential tenants this way.



The actual process starts when tenants with section 8 housing benefits approach to rent your home.



1. You can always screen tenants before accepting their offer. You should always run a background check to confirm that the section 8 housing voucher is legitimate. If you decide to accept the tenant, you have to contact your local housing authorities to let you use the renterís assistance program.



2. After submitting the details, authorities from HUD will inspect your home to evaluate fair market value. The housing standards of your area must be met and checks will also run on tenants to find out whether they can actually afford. If you fail the inspection, the HUD office will provide you with details and you can correct the mistakes and request re-inspection.



3. If you pass all the checks of HUD office, you have to sign a contact with section 8 housing office in your area. This is the final confirmation provided by the local authorities. The agreement is called Housing Assistance Payment Contract (HAP). You can setup a rental agreement with your tenant.



4. You can then collect security deposit from the tenant. If certain conditions are met, sometimes, HUD will pay a portion of the security deposit. If agreement is accepted by all concerned parties, you can start collecting rents from HUD directly every month until the rental agreement period.



Copyright © 2010 friendlylandlord.com. All rights reserved. | About us | Terms and conditions | Privacy Policy | FAQs | Contact us |