Accepting Section 8 vouchers can be a great way to find reliable tenants and increase occupancy rates in rental properties. Many landlords just don’t know where to start. If you’re one of them, read on to find out how to make Section 8 work for you!
Embrace the Benefits of Section 8!
Section 8 vouchers come with a number of benefits for landlords. One of the biggest advantages is that tenants who are receiving Section 8 assistance are usually more reliable with their payments, since their rent is subsidized by the government. Additionally, these tenants tend to stay in their rental homes for longer periods of time, so you won’t have to worry about frequent vacancies. Finally, by accepting Section 8 vouchers, landlords can tap into a large pool of potential tenants.
Making Section 8 Work for You
The first step in accepting Section 8 is to contact your local housing authority and get registered in the Section 8 program. You’ll need to provide them with a copy of your rental lease, as well as proof that your rental property meets the safety and health standards set by the authority. Once you’re registered, you can start advertising your rental property to Section 8 tenants.
Once you’ve found a tenant, you’ll need to sign a Housing Assistance Payments (HAP) contract with the housing authority, which outlines the terms of the lease and the payment arrangements for the voucher. You’ll also need to submit a Request for Tenancy Approval (RTA) form to the housing authority, which outlines the terms of the lease and the rent you’ll charge the tenant.
Once both of these documents have been approved, you’ll be able to start collecting payments from the tenant’s voucher. Remember, you’ll still be responsible for making sure the tenant pays their portion of the rent on time, since the voucher will not cover the full amount.
Accepting Section 8 vouchers can be a great way to find reliable tenants and keep your rental property occupied. With the right preparation and paperwork, you can make Section 8 work for you. Good luck!