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Are you a landlord in the Miami area who's looking for a steady supply of tenants and the promise of regular rent? If so, you may want to consider signing up to be a part of the Housing Choice Voucher Program. Also known as Section 8, the Housing Choice Voucher Program can be mutually beneficial for both landlords and those in need of affordable accommodation.
But in order to become a landlord on the Section 8 scheme in Miami, there are certain criteria you and your property will need to fill. What are these? Read on to find out now.
What Is Section 8 Housing?
Before we get into how you can become a Section 8 landlord, let's get to know a little bit about the scheme itself. The Housing Choice Voucher Program is an initiative by the US government that's administered by local housing authorities. It was first started 85 years ago with the arrival of the Housing Act of 1937.
It's a program that aims to provide those in need with affordable solutions to housing. Families that are low income, those with certain disabilities, and veterans are some of the groups who are able to avail themselves of this program. It works with the help of landlords who opt-in to the scheme.
Section 8 landlords are able to offer reduced rates to tenants because much of the rent is subsidized with money from housing authorities. The tenants then pay a small percentage of the usual rent.
How to Become a Landlord on the Section 8 Program
Because Section 8 landlords are run by local authorities, the rules and regulations that need to be met for landlords and tenants can vary from location to location. As well as this, different states have different standards and mandates regarding Section 8 and landlords.
So, in Miami, what's the proper procedure? Your first step will be to find out what the local public housing agency (or PHA) that governs your area is. Once you find its website, you'll be able to get more information regarding its approach to the program.
You should also be able to download an application form for the program. The application will ask for the rent of your property to compare with market rates. It will also ask for certain pieces of personal information.
Once you've filled out your application, your next step will be to have a property inspection. A representative from your local PHA will come and carry this out. Your building will need to be up to date on safety codes and be verified as being of a liveable standard.
After your house has passed its inspection, you'll be officially accepted into the program. You can now begin to advertise as a Section 8 landlord and accept Housing Choice Vouchers from tenants.
A Great Business Decision
If you want to enlarge your pool of potential tenants, signing up to become a Section 8 landlord is a great way to do so. The process is simple, and you have the added benefit of knowing you're helping someone in need. If you have any questions regarding this, or any other aspect of being a landlord in Miami, don't hesitate to get in touch with us.
