Section 8 housing programs are a cornerstone of providing safe and affordable housing for those in need. By becoming a Section 8 landlord, you’re not just investing in real estate; you’re investing in communities and lives. This article will guide you through the steps required to become a successful Section 8 housing landlord.
Fill Out a Section 8 Landlord Application
The initial step of becoming a Section 8 housing landlord is to fill out a landlord application with your local Public Housing Agency (PHA). The PHA oversees the Section 8 program in your area and will provide you with the necessary forms and detailed instructions.
This application requires you to provide information about yourself and your property. Additionally, you’ll have to agree to have your rental units inspected to meet the Department of Housing and Urban Development’s (HUD) health and safety standards.
Complete a Request for Tenancy Approval
The Request for Tenancy Approval form presents the lease terms, the proposed rent amount, and attestation that the rental meets the HUD’s Housing Quality Standards (HQS). The PHA will examine the requested rent to ensure it’s in line with fair market rates and that the property doesn’t exceed allowable rent thresholds.
Accuracy and honesty are paramount when filling out this form, as it sets the legal and financial groundwork for your relationship with the tenant and the PHA. Additionally, during this stage, you must agree to allow the housing agency to make direct payments to you on behalf of the Section 8 tenant.
Complete the Property Form and Screening
Next, to become a Section 8 Housing landlord, you’ll complete the Property Form, screen residents, and navigate the Request for Tenancy Approval (RFTA). Carefully detail your property offerings on the Property Form, which is a critical component that captures your rental space’s amenities, location, size, and utilities. Next, as a diligent landlord, you must screen your potential tenants thoroughly, ensuring their suitability for your property and Section 8 compliance. The RFTA is the conduit between selecting a tenant and initiating their move-in.
Inspect Your Property and Ensure It Meets the Income Qualifications
The HQS inspection certifies that your property is habitable, safe, and clean for potential tenants. An official inspector will examine various aspects of your property, including structural integrity, functioning utilities, sanitary facilities, and safety measures such as smoke detectors and emergency exits.
For a dwelling to be eligible for the Section 8 program, it must pass the HQS inspection and adhere to income limits. Median family incomes and fair market rents determine these limits to ensure that assisted housing is there for those who need it most. Your local PHA can provide you with the current income limits for your area.
Becoming a Section 8 landlord presents a unique opportunity to contribute positively to your community while also establishing a steady source of income.
Unfortunately, managing properties and safeguarding that stream of income can be demanding. At Excalibur Homes, our real estate managers can make your life easier as a landlord and improve your tenants’ rental experiences. Let us help you get the most out of your investment.
