I have had so many people over the years contact me when running ads for my rental properties..Anyone who has rentals knows that people come out of the woodwork with some pretty unusual reasons as to why you should rent to them, even though they have no job, or too many kids for the size of the unit, or more dogs than you yourself would have in your own home. And many times I have been lenient with tenants, because I know that everyone falls on hard times, sometimes. Also, if you change renters each year, the expense to you is much greater, because of the maintenance that often occurs in between tenants. If they stay over a year, that expense doesn't occur until they leave.
The Section 8 Housing Voucher is a type of federal assistance provided through the government to help subsidize low income families and individuals. There are vouchers, which are project based or tenant based subsidies. Project based is where the family or individual is limited to a particular apartment complex. Tenant based is where they are permitted to look in the private sector for a unit. Obviously the lessor must be willing to take Section 8 housing in order for this process to work. Then lessee is bound (usually by their income) to only a percentage of the rent - generally no more than 30% - and the balance is paid directly to the lessor by the Public Housing Authority based on their parameters of fair market rent. More information on this subject can be found here.
During this time when many houses are on the market for sale, often sellers are opting to try to rent them just to maintain a cash flow. I think that Section 8 Housing is the way to go at this point. The lessee has certain rules that they need to follow in order to stay in the program. They can be removed permanently if they damage the unit or don't pay their share of the rent.
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