Investors may be unaware of the Housing Voucher or Section 8 Program available from HUD (Housing and Urban Development). My husband and I have been partnering with this program in Lynchburg, Virginia for over 10 years. I CAN ONLY SPEAK FOR US, but our experience with the local Public Housing Agency has been positive. There is a need for decent, safe housing in Lynchburg- in all neighborhoods- and the PHA has a waiting list of qualified tenants. We have reasonably priced properties listed in the Greater Lynchburg area and for the first time investor, this can be a great introduction to owning investment property. My husband and I have over 25 years experience and are glad to share that experience. Out of area owners- for a small fee, you could hire a local Property Management company to oversee your investment.
The head of the Lynchburg program is Glenna Jordan. She is always available to talk to and we have never had a property damaged by a Section 8 tenant. We receive our rent check directly through PHA and it arrives like clockwork every month. We are required to maintain our property and undergo an inspection every year. Frankly, we would maintain our properties anyway, so there are no surprises when the inspections take place. If you would like more information on the program benefits and requirements, feel free to email me and I'll be glad to share them with you.
This is one of the houses we've renovated in downtown Lynchburg over the years. For landlords to qualify for the program, the property must meet program requirements.
From the HUD website:
WHAT IS A HOUSING VOUCHER?
The housing choice voucher program is the federal government's major program for assisting very low-income families, the elderly, and the disabled to afford decent, safe, and sanitary housing in the private market. Since housing assistance is provided on behalf of the family or individual, participants are able to find their own housing, including single-family homes, townhouses and apartments.
Roles - the tenant, the landlord, the housing agency and HUD
Once a PHA approves an eligible family's housing unit, the family and the landlord sign a lease and, at the same time, the landlord and the PHA sign a housing assistance payments contract that runs for the same term as the lease. This means that everyone -- tenant, landlord and PHA -- has obligations and responsibilities under the voucher program.
WHAT IS THE LANDLORDS OBLIGATION?
The role of the landlord in the voucher program is to provide decent, safe, and sanitary housing to a tenant at a reasonable rent. The dwelling unit must pass the program's housing quality standards and be maintained up to those standards as long as the owner receives housing assistance payments. In addition, the landlord is expected to provide the services agreed to as part of the lease signed with the tenant and the contract signed with the PHA.
TYPES OF VOUCHERS
AM I ELIGIBLE? HOW DO I APPLY FOR THE PROGRAM? Read the Program Overview below:
Program Overview
Programs may vary state to state. For more information on the program in Lynchburg, VA, contact the Lynchburg Housing Authority at:
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Lynchburg RHA
Phone: (434)845-9011
Fax: (434)845-9144 |
918 Commerce Street
Lynchburg
VA 24504 |
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For information on investment properties in the Greater Lynchburg area, contact:
Debbie Malone, ABR, ASP, e-PRO 
RE/MAX 1st Olympic Realtors
(434)546-0369
malone1981@aol.com
Member: Lynchburg Association of Realtors
Roanoke Valley Association of Realtors
2006, 2007, 2008 RE/MAX Executive Club Award
2006, 2007 LAR Honor Society
Contributor to Teri. B. Clark's " The Complete Guide to Your First Rental Property"
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Debbie - a BIZILLION years ago, in another life, I managed over 50 units under the Napa Housing Authority and actually sat on the selection committee when they hired an Executive Director...the rules and inspection guidelines were reasonable, they were responsive and actually assisted clients getting off the program....when the program reverted to the voucher system, the PHA mentality changed. There is no longer an intent to assist clients since those clients may be gone tomorrow. Also, the "cronic" clients became more demanding as the clientele aged and welfare guidelines changed.
Participating in many section 8 programs is NOT for the newbie landlord or absentee landlord. Landlords need to know the program, the guidelines as you suggest and the market for their property. In many areas, landlords get lower rent and have to perform MORE maintenance for high-maintenance residents which makes their participating problematic....getting references from local landlords on the program, interviewing and screening protential tenants and reviewing the inspection guidelines are a must.